Tim Cook’s magic fails to impress India; Government rejects easing local sourcing norm for Apple
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This comes as a big blow to Apple as the
This means, Apple will have to meet the 30 per cent local content sourcing requirement even if it sets up single-brand retail stores in India.
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The iPhoner maker had applied for the relaxation under new FDI rules for companies.
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As per the new policy, companies that bring cutting-edge technology to India can open single-retail brand stores without meeting the
Apart from Apple, Xiaomi and LeEco have also sought to open their own stores in India.
Presently, Apple sells its products in India through a network of franchisee-owned stores and sales crossed the $1-billion mark in 2014-15.
(Image: Reuters)
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