Railways and coal minister Piyush Goyal, who was awarded the 2018 Carnot Prize for his contribution to the energy policy in New Delhi on Wednesday, said the country was saving $7 billion annually through the nation-wide LED movement that was conceived by Prime Minister Narendra Modi.Power ministers, particularly of European countries, have thanked Modi for making LEDs affordable across the world after an 87% decline in the prices of LED bulbs, he said.He recalled how Modi had ushered in the LED revolution in the country by replacing a traditional light bulb with an LED bulb in the Prime Minister’s Office.“The cost of switchover to LEDs for the nation must have been $2 billion at most, maybe less. But we are saving $7 billion in electricity bills every year,” Goyal said.International Energy Agency (IEA) executive director Fatih Birol, who was present at the ceremony, said India’s power sector reforms under Goyal oversaw the world’s “biggest and most successful” LED programme.The award was given to Goyal for his contribution to the power sector when he was minister of state (independent charge) for power, coal, new & renewable energy from 2014 to 2017. Currently, Goyal also holds charge of the finance portfolio. Birol praised Goyal for donating the prize money of $25,000 (around Rs 17,75,000) to the International Solar Alliance (ISA).The Kleinman Center for Energy Policy at the University of Pennsylvania School of Design formally presented the prize to Goyal in New Delhi as he could not receive the award in the US due to the Amritsar train tragedy in October last year.Speaking on the occasion, Goyal said the country is expected to complete electrification of its railway network over the next four-five years. “Over 4,000 kms of railway tracks were electrified last year, which would increase to 6,000 kms this year,” he said.According to Goyal, till five years ago, the average pace of electrification was only 600 kms every year.