“Prime Minister Narendra Modi is clearing the way for Apple Inc. to open its first retail store in India after repeated delays, according to people familiar with the matter,” Vrishti Beniwal and Siddhartha Singh report for Bloomberg.
“Modi’s cabinet on Wednesday approved a three-year exemption on local-sourcing requirements for foreign single-brand retail companies with “cutting-edge technology,” according to the people, who asked not to be identified due to rules for speaking with the media,” Beniwal and Singh report. “At the same time, the government will make it easier for companies like Apple to meet that criteria, the people said.”
“The moves represent the latest shift for Modi’s government, which has sent conflicting signals in recent months over Apple’s bid to set up shop in India,” Beniwal and Singh report. “Apple Chief Executive Officer Tim Cook visited India for the first time in May as he seeks to tap the world’s fastest-growing smartphone market to counter slowing sales growth elsewhere.”
Read more in the full article here.
MacDailyNews Take: As predicted.
As for the retail stores [in India], that’ll be worked out eventually. – MacDailyNews, May 24, 2016
SEE ALSO:
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