@Rishi C
I understand you have an infrequently used VM and want to save on the storage cost for the disk when the VM is not being used.
You are already using the lowest cost disk type for your VM. To further save on costs you could keep a snapshot of your disk. Then you could launch a new VM every time it is needed by using that snapshot then stop and delete the VM. You would need to create a new snapshot before deleting the VM. This is a fairly tedious process, if you are doing it frequently. I recommend you review the pricing page for managed disks as well as the pricing calculator to get an idea on your costs.
Hope this helps. Let me know if you have any questions or run into any issues.
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