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Nirmala Sitharaman to discuss Apple retail store matter with FM

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Commerce and Industry Minister said she will take up with the Finance Ministry the issue of relaxing mandatory sourcing norms for iPhone maker , which wants to set up retail stores in the country.

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According to a PTI report: The Finance Ministry has rejected the waiver of mandatory 30 per cent local sourcing for Apple Inc to set up single – brand stores in India.

“We are talking about it but nothing has been reached …if it’s a closed chapter I would not say I will go and talk to them…After that decision (rejection by the Finance Ministry) has come out in public, I am willing to go and speak to the finance,” she was quoted by PTI as saying.

The US-based giant has sought exemption on the ground that it makes state-of-the-art and cutting-edge technology products for which local sourcing is not possible.

A (DIPP) secretary headed panel had favoured waiving the mandatory local sourcing requirement for the US-based firm.

The company sells its products through Apple-owned retail stores in countries, including China, Germany, the US, the UK and France.

It has no wholly-owned store in India and sells its products through distributors such as Redington and Ingram Micro.

At present, 100 per cent FDI is permitted in the sector. But beyond 49 per cent, the FIPB permission is required.