Brushing aside the negative talk on Power Purchase Agreements (PPAs), Andhra Pradesh Chief Minister YS Jagan Mohan Reddy on Wednesday said that the move of renegotiating is aimed at passing on the benefits to the poor through welfare schemes.
"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," chief minister, in a press release, said.
He added, "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."
Claiming that there has been a lot of false propaganda going on about the PPAs which have no substances or basis, Reddy said: "People spreading canards that no industry will come to Andhra Pradesh is circulated by vested interests. There is no truth in it and our policy is to bring in power in a cost-effective manner.
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