NEW DELHI : India is considering restricting imports of refrigerators to promote local manufacturing, two industry sources told Reuters on Thursday, potentially freezing out shipments from Samsung Electronics Co and LG Electronics Inc in the $5 billion market.
The source said a decision could come within a month, adding:"The thrust is to support all those who are manufacturing in India rather than those bringing them into India." The government estimates India's refrigerator market at more than $5 billion, with foreign companies such as Samsung and LG competing with domestic majors including the Tata conglomerate's Voltas Ltd.
A third industry source said sales of large, high-end refrigerators, many of which are imported, have been growing rapidly, especially during the COVID-19 pandemic as people stayed indoors. Those imports account for roughly 5-6 per cent of total India sales.