Looks like Apple has passed the last big hurdle in its mission to open retail stores in India. According to report, the finance ministry has accepted the proposal to exempt Apple from the local sourcing norm for period of three years.
The company is one of the first benefactors of the leniency shown by the Indian regime. The proposal enables the information and technology minister to label a single-brand retail brand as a provider of cutting-edge technology, as confirmed by sources here.
This gives Apple the advantage of not procuring 30 percent components from India, and enables them to work towards that in the near future. The acceptance of this proposal comes after the same ministry had refused to see Apple as a cutting-edge technology company. Now that the finance ministry has paved the way for Apple to work under its terms, they can reapply for the retail license once again. Looks like Tim Cook’s visit to India earlier this year wasn’t just a leisurely travel after all.
Apple will now be in position to cater to its consumers themselves, without relying on third-party dealers.
Source: BloombergQuint
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)