In December 2015, the Ministry of Environment, Forest and Climate Change (MoEFCC) notified emission standards for limiting Sulphur Oxides (SOx), Nitrogen Oxides (NOx), Particulate Matter (PM) and Mercury (Hg) emissions in coal-based Thermal Power Plants (TPPs). As of December 2017 (the deadline for meeting these standards), compliance was poor. Further, other government departments under the Ministry of Power (MoP) are mulling over a delay in implementation of these standards (Chaudhary, 2017; Mohan, 2017). In this context, this study evaluated the benefits and costs associated with the implementation of these emission standards.