The project was conceptualised and pursued by former Chief Minister Mufti Muhammad Sayeed in the aftermath of devastating floods of 2014 and was formally launched today after completion of all formalities.
Launching the project, the Chief Minister said alongside the political agenda, development of Jammu and Kashmir as a model state is the cornerstone of her government.
"Sayeed had a political and developmental vision for J&K to make it a model state in the country which he pursued vigorously.
Mehbooba reminded the jam packed audience of stakeholders that when Sayeed, her father, took over in 2002 as the Chief Minister he rolled out his political and developmental agenda and started working for its implementation and during the same tenure he persuaded and got Asian Development Bank assistance for funding the urban development projects in the State and after taking over in 2015 convinced the World Bank to fund reconstruction of critical developmental infrastructure in the State.
The Chief Minister said Sayeed wanted to develop Jammu and Kashmir as a world class place befitting to the peace loving and hospitable nature of its people so that it becomes a show window not only within the country but in the world as well.
The Chief Minister said she would personally be monitoring the works under the project and also the commitments and assurances made by Sayeed.
"To fulfill the dream of making a prosperous Jammu and Kashmir we would not only seek more and more funding from the Centre but also see how investment and expertise from countries around the globe can come to the State," she said.
The chief minister said reconciliation was the only way
"I am of the belief that there is no way forward in J-K other than reconciliation. PSA and AFSPA are temporary and I want you to help me, our government, in creating such an atmosphere in J-K where a time will come when PSA is used only against criminals, drug addicts and smugglers and not against 40-year-old or 80-year-old or 19-year-old or students.
"No one from outside can help us in doing that. We have to help ourselves and in that, the role of police is very important," she said.
"We had army and security forces here before as well, but when militancy erupted here, AFSPA had to be imposed. Now, we all have to try together to create such an atmosphere where such laws like AFSPA, PSA or other hard measures are gradually revoked. I or my ministers cannot do this alone, after the role of people of J-K, your role is very important for that," she said.
"I am hopeful that you will help me in creating such an atmosphere in J-K where there is reconciliation and dialogue. I want to make it clear that the current PM has guts to visit Lahore and he did it despite criticism but unfortunately Pathankot (attack) happened.
"It is this PM who took such a huge decision of demonetisation, knowing that people will face hardships and will be angry for some time. I do not think any other PM would have taken such decisions," she said.
"If you all help us in creating peace in J-K, then I assure you - the people of J-K - that the way our PM went to Lahore by keeping everything else on the side and offered a hand of friendship, and when there was unrest, he sent a (all-party) delegation from Delhi to listen to people, understand and talk, so if we can create a better situation, then we can create conditions for dialogue with everyone not only in J-K, but we can act as a bridge of peace between India and Pakistan (as well)," she said.