By replacing inefficient incandescent bulbs with LEDs, India could save up to $7 billion per year, said the country’s Power Minister Piyush Goyal recently.

"We are looking at savings of nearly 100 billion units of power, by the use of LED lights, translating into $7 billion annually," a report from The Times in India quoted Goyal saying at 'Urja Sangam'.

LED bulbs could cut India’s peak power demand by 10,000 MW per day, he added.

The power minister went on to project LED bulbs will replace traditional incandescent lights within the next three years.

India’s Prime Minister Narendra Modi has launched a LED bulb distribution scheme under the Domestic Efficient Lighting Program.

Under the program, consumers in Indian capital Delhi can register requests for purchasing LED bulbs. The country is aiming to complete installation of LED bulbs for domestic and streetlighting in 100 cities by March 2016.