Energy efficiency will help save $6.5 billion a year: Piyush Goyal

New Delhi: The Centre's Domestic Efficient Lighting Programme will result in savings of up to USD 6.5 billion annually through energy efficiency and also help reduce carbon dioxide emission by 80 million tonnes (MT), Power and Coal Minister Piyush Goyal said Thursday.

"Energy efficiency has been a serious priority of this government. In fact, it has more potential than any other programme. The LED programme can lead to a USD 6.5 billion savings and reduction of 80 MT carbon dioxide emission per year," Goyal said at the India Today Conclave here.

The government initiated the Domestic Efficient Lighting Programme (DELP) last year under which it has already provided over 7.9 crore LED bulbs to families through power distribution companies through an EMI of Rs 10 per month per each bulb. The discoms add the EMI to consumers' electricity bills.

Through bulk tendering, the government has reduced the procurement price of these LED bulbs to Rs 64.41 in January 2016 from the market rate of Rs 310 in February 2014.

Goyal, who also holds the portfolio of New and Renewable Energy, said the government will achieve its target to electrify 18,452 villages within the set deadline.

The government has so far electrified over 6,700 villages out of the total 18,452 unelectrified villages, and with 409 days still to go, the target will be achieved, he said.

Prime Minister Narendra Modi in his Independence Day speech last year announced the initiative to electrify these 18,452 villages in 1,000 days - by May 2018.

Explaining the benefits of the Ujwal Discom Assurance Yojana (UDAY), the Minister said: "I am confident that by 2019 every state discom will make profits," he said.

The Centre had launched the UDAY scheme in November 2015 for the revival of power distribution companies across India, which have cumulative debt of over Rs 4.37 lakh crore.

Referring to the debate on intolerance, Goyal said: The Prime Minister is intolerant about underperformance. He is intolerant about failure. What he needs is clear outcomes and he is setting very aggressive goals for all of us and that percolates down in the system."