Apple, the maker of iPhones, MacBooks, and iPads, said that it is eager to open both online and offline stores in India after the government eased the foreign direct investment rules for single-brand retail.
Apple, the maker of iPhones, MacBooks, and iPads, said that it is eager to open both online and offline stores in India after the government eased the foreign direct investment rules for single-brand retail. Apple, one of the most valuable companies in the world, looks forward to welcoming customers to India’s 1st retail store and hopes to provide the same experience to both offline and online customers, a company official told CNBC TV-18 in an interview. However, the same will take some time to pan out and get the company’s plans underway, the news channel reported. With an aim to provide a fillip to India’s slowing economy, the commerce minister Piyush Goyal announced greater flexibility and ease of operations for SBRTs, making India a viable market for global retailers like Apple.
Amid rising tensions between two of the world’s largest economies US and China, India’s move to ease FDI for single-brand retailers must be music to ears of global brands. Apple Inc is set to leverage the same and will soon start online sales of its devices in the country in the coming months, Bloomberg reported an unidentified source as saying.
Speaking on how India’s move could open a pandora’s box for global retailers, Anil Talreja, Partner, Deloitte India said that the companies which have been putting their plans of India expansion on hold may now tap India market. “Allowance of seamless usage of the goods to be procured either for domestic or exports, relaxation of the current deadline of 5 years as well as determination of incremental sourcing, permission of sourcing of goods for global operations will go a long way to give a final nudge to the retailers to take this long-awaited decision,” he said in a note.
India announced a slew of changes to its existing FDI norms, making it possible for retailers to open online stores before getting brick and mortar outlets, among other changes. The previous rules compelled big retailers to source 30% of their production from local sources. Apple and others have been voicing their opinion against the same for years now.