Jagan Reddy Is Undoing CM - Economic Times

Jagan Reddy Is Undoing CM - Economic Times

AP CM YS Jaganmohan Reddy has been dubbed as the "undoing" chief minister by leading business daily Economic Times. The daily termed in its detailed analytical report described that AP CM Jagan is "creating storm after the storm" by "undoing" one after another of his predecessor CM Chandrababu Naidu's policies.

Stating that AP was India's most business-friendly state in 2016, 2017 and 2018, according to separate studies conducted by the Union commerce ministry, the World Bank and the National University of Singapore, the ET's report said CM Jagan's decision to renegotiate on Power Purchase Agreements (PPAs), reverse tendering of Polavaram National Irrigation project works, sand policy that marred construction industry and allied industries, proposal of 3 capitals (affecting farmers in Amaravati and their farm lands) all have huge impact thus beating the brand of the state.

While political analysts observed that Jagan's every decision, move is aimed at targeting the financial roots of his political rivals, they observed that it is being claimed, projected as "good" for people whereas in reality it is affecting the people and the state. As several global investors have stepped back owing to AP being shown in bad light in national and international business markets, it is reported that the investors who had invested in AP are regretting their decision.

Acme Solar Holdings, which is one of the country's largest solar power producers, was quoted as saying in the ET's report that it regrets investing in AP. "We rue the day we decided to go to Andhra," Shashi Shekhar, vice-chairman of Acme Solar Holdings was quoted.

Below are the list of crucial policy reversals by Jaganmohan Reddy-led AP state government. The ET listed as below.

JULY 1 Sets up committee to renegotiate clean-energy PPAs

SEP 4 Cancels Rs 3,217 cr contract awarded to Navayuga Engineering for a hydel power project

OCT 21 Scraps 4,731 acre land allotment to Navayuga group company for an SEZ in Nellore district

OCT 30 Withdraws 14 acres given to Lulu Group for a commercial complex in Vizag NOV 11 Terminates Startup Area project in Amaravati given to a Singapore consortium

JAN 20 Clears proposal to have three capitals – Vishakapatnam (executive), Amaravati (legislative) and Kurnool (judicial)

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