Goyal says India can save $7 billion annually through energy efficiency

he said the govt is working on a $50 billion plan to strengthen India's national electricity grid

Power minister Piyush Goyal on Friday said India can save at least 10 per cent of its current power consumption without any major stress on the system.

"We plan to replace all incandescent bulbs in this country with Light Emitting Diode (LED) lights within three years. This would bring down power demand by 10,000 Megawatt per day," Goyal said at Urja Sangam, an annual energy focussed event.

He added that this amounts to savings of 100 billion units of power annually worth $ 7 billon. "This can light the lives of 280 million Indians who are deprived of electricity," he said, adding the government is working on innovative financing models to make this happen.

The power minister, who was participating in a debate on energy security with global energy expert Daniel Yergin and Andy Barrett from consultancy firm IHS, said the government is workibg on a $50 billion plan to strengthen India's national electricity grid.