In December 2015, the Ministry of Environment, Forest and Climate Change notified emission standards for limiting sulphur oxides, nitrogen oxides, particulate matter and mercury emissions in coal-based thermal power plants. 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. In this context, this study evaluated the benefits and costs associated with the implementation of these emission standards.