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Centre may ease norms for Apple
The government may give more time to overseas high-tech companies like Apple Inc to comply with the domestic sourcing norms for opening single-brand retail stores in the country.
The government may give more time to overseas high-tech companies like Apple Inc to comply with the domestic sourcing norms for opening single-brand retail stores in the country.
The government, according to officials, is not in favour of diluting the mandatory 30 per cent local sourcing norm but is open to the possibility of giving more time to such firms. “The department of industrial policy and promotion (DIPP) is looking to tweak the FDI policy on sourcing. The 30 per cent local sourcing norm may not be changed, but the time given to comply might be relaxed,” a finance ministry official said.
The local sourcing norm has become a bone of contention between both the ministries as the commerce and industry ministry has recommended to exempt Apple Inc from this rule, while the finance ministry has rejected it.
A panel headed by DIPP secretary has recommended to exempt Apple Inc, which wants to open wholly-owned single brand retail stores in the country, from the mandatory sourcing norms saying the US-based company’s products are ‘state of the art’ and ‘cutting edge’. At present, 100 per cent FDI is permitted in single-brand retail sector but companies are required to take FIPB permission if the limit exceeds 49 per cent.
