Ex­empt Ap­ple from Sourc­ing Norms, Sug­gests Govt Panel

The Economic Times - - Economy: Macro, Micro & More -

A govern­ment panel has rec­om­mended ex­empt­ing iPhone and iPad maker Ap­ple from manda­tory lo­cal sourc­ing norms, a move which would pave the way for tech gi­ant open­ing sin­gle-brand re­tail stores in the coun­try.

The com­pany had given a de­tailed pre­sen­ta­tion to the committee headed by Depart­ment of In­dus­trial Pol­icy and Pro­mo­tion (DIPP) Sec­re­tary Ramesh Ab­hishek on April 19, on its prod­ucts, tech­nol­ogy, in­no­va­tions and cam­era.

“The committee has found that the com­pany's prod­ucts are cut­ting edge tech­nol­ogy and state-of-the-art. It has

NEW DELHI

rec­om­mended to ex­empt them from the lo­cal sourc­ing norms,” sources said.

The DIPP would soon send the pro­posal for fi­nal ap­proval to the Fi­nance Min­istry.

The US-based com­pany has sought ap­proval from the govern­ment on set­ting up sin­gle-brand re­tail stores in the coun­try.

As per the for­eign di­rect in­vest­ment (FDI) norms, the govern­ment may re­lax the manda­tory lo­cal sourc­ing norms for en­ti­ties un­der­tak­ing sin­gle­brand re­tail­ing of prod­ucts hav­ing state-of-the-art and cut­ting edge tech­nol­ogy and where lo­cal sourc­ing is not pos­si­ble. — PTI

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