Apple officials have reportedly held talks with Commerce ministry top brass to discuss its plans to set up retail stores in India. The FDI rule demands foreign investors to source components locally and Apple has been vocal about ignoring the demand.
According to a report by news agency PTI, the meeting was chaired by Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek and it lasted for almost an hour. The senior officials are said to have discussed details of the new FDI rules in the single-brand retail. Apple is also said to have discussed its future plans for India.
Apple has been demanding the Indian government to do away with domestic sourcing norm for single brand retail. The company CEO Tim Cook visited India and spoke directly with PM Narendra Modi to discuss the roadblock in company's India ambitions.
"In June this year, government had relaxed FDI norms by giving a three-year exemption from local sourcing to foreign players in single-brand retail and a five-year relaxation for 'state-of-the-art' and 'cutting-edge' technology."
Apple has been vocal about its expansion plans for India and the company CEO has constantly highlighted the growth momentum during financial calls. During the first three quarters of this financial year, Apple's iPhone sales has grown over 51 percent in India.
With China having slowed down, India is turning out to be the major market for the Cupertino-based smartphone maker. It is unclear whether we are getting Apple retail stores anytime soon but the company is definitely trying to expand rapidly here.