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Breaking News : Apple to set up own retail outlets soon as Govt may waive 30% sourcing norm: Report
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Apple may soon get to open its own retail outlets in India as the government is set to waive the requirement of mandatory domestic sourcing for Apple, The Times of India reported on Friday.

The company has sought an approval from the Centre to waive sourcing norms on grounds of providing ‘state-of-the-art’ and ‘cutting edge technology’.

On Tuesday, the company made a presentation to a panel headed by Ramesh Abhishek, secretary of industrial policy and promotion. “Their products certainly meet the requirement for waiving the local sourcing clause,” a source told the publication. A final decision is likely to be announced in a few days, the report added.

The current policy requires mandatory sourcing of 30% of the goods from within the country. This was proving to be a major hurdle for Apple as its market did not have vendors to meet this need.

Apple has indicated that it may start production locally in the future, but its current sourcing from India is limited to some chargers. The company also informed the government that it no immediate plans to sell refurbished phones in the country.

Currently, Apple sells via its distributors in the country. During the presentation, it reportedly indicated opening of several stores, but would rely on other retailers too.

India and China have been identified as Apple’s top markets. The company had sales revenue of Rs 7,000 crore in 2015, while its sales grew 76% during the quarter ended in December 2015.

http://wap.business-standard.com/article...197_1.html
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