Apple could have an easier time opening its first stores in India, a long-time goal of the iPhone producer, after the country’s finance minister advised a local sourcing requirement will be eased to encourage more foreign investment.
Finance Minister Nirmala Sitharaman’s first Union Budget speech on Friday included elements to ease local sourcing rules for “single brand retail,” a sector that would cover branded outlets like the Apple Store that largely focus on just the company’s own products.
Under current rules, foreign-owned stores must source at least 30% of its produce locally, a problem Apple has run into repeatedly when trying to launch its own outlets. Under the proposals, reported by the Economic Times, such stores could be exempt from the 30% requirement, if they are able to bring in over $200 million in “foreign direct investment” to the country.
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