“A government panel has recommended exempting Apple from mandatory local sourcing norms, a move which would pave the way for Apple to open single-brand retail stores in the country,” The India Times reports.
“The company had given a detailed presentation to the committee headed by Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek on April 19, on its products, technology, innovations and camera,” India Times reports. “The committee has found that the company’s products are cutting edge technology and state-of-the-art. It has recommended to exempt them from the local sourcing norms,’ sources said.”
The DIPP would soon send the proposal for final approval to the Finance Ministry. The US-based company has sought approval from the government on setting up single-brand retail stores in the country,” India Times reports. “[Currently], Apple has no wholly-owned store in India and sells its products through distributors such as Redington and Ingram Micro.”
Read more in the full article here.
MacDailyNews Take: Done deal – and a very important moment for Apple Inc. in India.
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Apple may get to open stores in India without mandatory 30% domestic sourcing requirement – April 22, 2016
Yet the vultures of Wall Street ignore this important change and drive Apple down over problems in China. India is the next big market. Apple has almost limitless scope to expand there if its patient and pays attention to the market and plays for the long term