These colleges will be set up at Rajouri in Jammu division, Anantnag in south Kashmir and Baramulla in the north.
"The state government vigorously pursued for expediting the process with the Centre and the Union Ministry of Health and Family Welfare has conveyed approval for three colleges in the first instance," an official spokesperson said today.
"The foundation stones will be laid on May 15 by Union Minister for Health and Family Welfare J P Nadda," he said.
The approval for the remaining two colleges, to be set up in Kathua and Doda, is likely to be conveyed by the Centre as soon as the formalities are finalised, Bhagat said.
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"With setting up of five medical colleges, there would not only be a notable improvement in the overall health services, the state would also become self-sufficient in creating the required manpower for manning the health institutions," the minister said.
Asserting that the Central government is "liberal in providing funds and other logistic support" for improving the health infrastructure across the state, Bhagat said the state Government would formulate a comprehensive programme for expanding and strengthening health and diagnostic facilities, especially in the rural and far-flung areas.