Apple said to be on track for approval to open stores in India

New Delhi: American tech giant Apple Incorporation is on course to win clearance for an application filed with the Department of Industrial Policy and Promotion (DIPP) to launch its branded retail stores in India, after the government recently eased the mandatory local procurement and online sales norms for single brand retail. India is the world’s fastest-growing major economy with 220 million smartphone users. By setting up its branded stores, Apple plans to expand and tap growth opportunities in India, as per Apple CEO Mr Tim Cook. In order to be exempt from the rule which mandates foreign single brand retailers to procure 30 per cent of their product’s inputs locally, Apple needs to qualify as a provider of cutting-edge technology for India. Most of the Apple's growth in India is expected to come from new users or the first time buyers as per Counterpoint Technology Market Research firm.                         

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