Good News – Government May Allow Exemption to Apple from 30 % Sourcing Norm
There is some good news for Apple device fans. Indian government may allow the California-based company to open its own retail outlets in India without any sourcing requirement for two-to-three years, reports The Times of India.
The report adds an arrangement that could work out in the company’s favour is that government may give exemption from the local sourcing normS to Apple for two to three years till the time it gathers stronger sales numbers in the country.
Government allows foreign companies to set up shop in the country through the single-brand retail route under the condition that they meet 30% of sourcing requirement from local vendors.
Sources told The Times of India that discussions have already kicked off between the finance ministry and the department of industrial policy and promotion (DIPP) and the option of allowing the maker of iPhone and iPads without sourcing requirements in the initial years has been floated.
Earlier Finance ministry had rejected Apple request for blanket exemption from the sourcing requirement on the grounds that the company sold products that had “cutting-edge technology”.
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