The opposition PDP on Monday demanded that the Jammu and Kashmir Government re-negotiate all agreements with power giant NHPC.
"Exploitative use of state's water resources by the NHPC is an economic disaster for J-K. We call for urgent renegotiation of all agreements with the power giant," PDP patron Mufti Mohammad Sayeed said addressing a workers convention in Budgam, 20 kms from Srinagar today.
The state government had entered into an agreement with National Hydroelectricity Power Corporation (NHPC) for execution of 11 power projects in the state. Of these five power projects are in the state sector and six in central sector.
Sayeed said people of J-K have the first right on the rich water resources of the state and they cannot be "dispossessed of this resource through unequal and injudicious agreements".
He accused former chief minister Farooq Abdullah of signing away the water resources without any consideration for states own interests and jeopardising the future of generations of people from Jammu, Kashmir and Ladakh.
Sayeed claimed raising funds for utilisation of this vital resource could have been achieved on much better terms from the financial market without giving in to any long-term monopolistic exploitation.
Even a more beneficial deal could have been struck with the NHPC, which could serve the interests of state as well as the country, he said.