Notwithstanding serious objections raised by the Centre and concerns expressed by credit rating agencies over stoppage of flow of investments, YSR Congress party president and chief minister Y S Jagan Mohan Reddy is hell bent on reviewing the power purchase agreements signed by the previous Telugu Desam Party government to expose corruption in the deals.
Making a statement in the assembly, Jagan brushed aside the negative talk on the decision to review PPAs and said the move of renegotiating the PPAs was aimed at passing on the benefits to the poor through welfare schemes.
“There has been lot of false propaganda going on about the PPAs which has no substances or basis. What we are planning is to bring in power at a competitive rate and if we buy power at a higher rate and that becomes the tariff, then industries will shy away to buy such power paying a premium,” he said.
“That is the reason why we are trying to renegotiate the PPAs, so that the difference in price can be passed on to the poor through various welfare measures,” he said.
The chief minister lashed out at the critics on PPA reviews, saying people, who spreading canards that no industry would come to Andhra Pradesh and the industry was unhappy had no basis for their apprehensions, being circulated by vested interests.
“There is no truth in it and our policy is to bring in power in a cost effective manner,” he said.
