Amaravati, July 24: Brushing aside the negative talk on Power Purchase Agreements (PPAs), Andhra Pradesh Chief Minister YS Jagan Mohan Reddy has said that the move of renegotiating is aimed at passing on the benefits to the poor through welfare schemes.

Intervening during the discussion on the Bill to provide reservations to locals in jobs, the Chief Minister said, ‘there has been lot of false propaganda going on about the PPAs which have 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.

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.

People spreading canards that no industry will come to Andhra Pradesh and the industry is unhappy have no real basis and it is 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.

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