Standby light goin On/Off, means the power supply regulator board is OK. Blinking of the standby light indicates a fault. It might be to the backlight inverter board, or the main board. These blinks of standby light are called blinking codes, from the number of blinks occur at one time switch ON, you can get an idea about the faulty board inside the TV. Count this blinks. If you wish to get more details about these blinking codes, check the site linked here.
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