New Delhi: India is planning to restrict the imports of refrigerators to encourage local manufacturers. The government is also considering reducing shipments from Samsung Electronics Co. and LG Electronics Inc. in the $5 billion fridge market.
It may be possible that importers need a licence from the authorities. The government is ready to change the existing free-import regime.
The source said the decision regarding this could be taken within a month. “The thrust is to support all those who are manufacturing in India rather than those bringing them into India.”
The Indian trade ministry did not respond and remained tight-lipped, as is the case with Samsung and LG.
The refrigerators of foreign companies like Samsung, LG, and so on are the great competitors of domestic manufacturers.
The government has not released figures for refrigerator imports yet. Companies such as Samsung and LG, sell refrigerators in bulk annually in India. Both brands have kept their legs strong in the Indian market.
India imports refrigerators from Bangladesh, Thailand, Indonesia, and South Korea, with which it holds a free trade agreement.
Import restrictions will undoubtedly aid local brands such as Voltas, Godrej Appliances, and Havells India Ltd. in expanding their presence in Indian markets.
