Apple soon set up its exclusive stores in India

In a huge boost to the major mobile phone firms in India, the central government has released Apple and other premium brands from adhering to the 30 pc local sourcing norms, thereby paving the way for them to set up exclusive stores across the country. A high-level meeting chaired by Prime Minister Narendra Modi, announced major changes to the domestic FDI policy.

Major player Apple was vying for an exemption from sourcing locally-manufactured products for its stores after its offer to sell refurbished phones in the country was turned down by Prime Minister Narendra Modi while Apple CEO Tim Cook was in the country

Earlier, Apple had sought an exemption from the local sourcing norms as it makes state-of-the-art and cutting edge technology products, where local sourcing was difficult.

The new tweaks to the single brand retail sector will now let the company set up exclusive stores in the country. So far, the company was tying up with companies in India to set up their stores. It has no wholly-owned store in India and sells its products through distributors such as Redington and Ingram Micro.