In a major breakthrough, the Cupertino based iPhone maker, Apple may receive a nod from the government to set up its own retail outlets in the country, without any requirement of sourcing for two to three years.
As per reports circling in media, both the government as well as Apple may agree on an arrangement which exempts the company from the local sourcing norms for at least two to three years. This will help Apple establish a strong network in the country as well as inflate its sales figures.
As per the sourcing guidelines, the government permits a foreign player to establish its single brand retail outlets in the country only if it meets the requirement of 30 per cent sourcing from local vendors.
As per reports, the discussions in this regard have already initiated between the ministry of Finance and Department of Industrial Policy and Promotion (DIPP) and the option of allowing Apple to set up its retail outlets without sourcing norms has been given a green signal.
Earlier the ministry of finance quashed Apple’s request for a complete exemption from the sourcing requirement on the grounds of its cutting edge technology.