Latest News,Franchise News India,Apple Retail Stores Finally Coming to India by FDI rules,India announced on Monday sweeping reforms to its foreign direct investment policy, clearing the way for Apple to open stores in the country.

The reforms also loosen restrictions on inbound investments in pharmaceuticals and retail, besides opening up its defence and civil aviation sectors to 100% outside ownership.

Apple is expected to be a beneficiary of a three-year relaxation India is introducing on local sourcing norms with an extension of up to five years possible if it can be proven that products are “state of the art”. Other single-brand retailers like furniture giant IKEA are also expected to benefit.

This announcement follows earlier reports of Indian government allowing the Cupertino giant to open its own retail outlets in the country without any sourcing requirement for two-to-three years as it tries to work out an arrangement under which the company will agree to local purchases once it gets a stronger toehold in the country.

Last month, Indian government had decided not to relax the 30% local content sourcing norm for the iPhone maker, which wants to set up stores in the world’s fastest growing smartphone market. Apple had earlier applied for relaxation under the foreign direct investment rules for companies bringing cutting edge technology to India.

Apple CEO Tim Cook said during his recent visit that opening its own stores in India is a key element of the vision for what he sees as one of the most important markets for the iPhone maker in terms of setting benchmarks for sales and service.



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