Reliance may have HDTV Channels

There is no broadcaster in US that broadcasts in 1080p. All are in 1080i or 720p. SO I do not think that there is any chance of an Indian broadcaster broadcasting in 1080p in the near future. The TV will be useful only if you have a Blu Ray/ HD DVD Player or a PS3 for gaming.
As far as 720p or 1080i are concerned, you can barely tell the difference on 42 inches or lesser

dude,i was talking about downscaling next gen HD formats (blu ray,HD-DVD)..
 
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