India to Clarify Apple’s Path to Opening Own Retail Stores
- Officials say company can now reapply to open retail outlets
- CEO Tim Cook seeking to capitalize on India’s growth outlook
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India’s finance minister has approved a proposal that clarifies how Apple Inc. could open stores in the fast-growing economy without initially having to source components locally, people familiar with the matter said.
Arun Jaitley ratified a proposal that gives the information technology ministry the power to label a retailer of a single brand as a provider of cutting-edge technology, the people said, asking not to be identified as the move isn’t public. Such a classification would give Apple a three-year exemption from rules that force some foreign retailers to procure 30 percent of components in India, they said. The company makes most of its goods in China.