Tech giant Apple Inc could open its first ever retail store in India with new reforms made to the country’s foreign investment rules. With the new reforms all foreign-owned companies wouldn’t have to abide the demand to have 30% of its goods sold be made in India. Indian government is eager to bring huge foreign investments including from Apple Inc and support its ‘Make in India’ campaign.
The California based company is yet to comment on the reforms which had first applied for store license in January. Currently Apple Products- iPhones, iMacs and iPads are sold through resellers in India and this large market might turn out to be saver for its current dull performance worldwide.
In May, Apple CEO Tim Cook met Indian Prime minister Narendra Modi for the governments support to expand the market. The news comes a couple of days after central bank governor Raghuram Rajan announced that he would not seek a second term.
For Apple, which has less than a two percent share in the smartphone market in the country, gaining a bigger footprint in India is crucial at a time when growth in China and the U.S. has stalled.
Credits: Reuters