Home Latest News Apple, Acer, LeEco, Lenovo and Oppo seek relaxation in local sourcing norms

Apple, Acer, LeEco, Lenovo and Oppo seek relaxation in local sourcing norms

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As per a report in PTI: Five companies including India, , Le Ecosystem Technology, (India) and Mobiles have sought relaxation in the local sourcing norms to set up single-brand retail stores in India.

Apple, Acer LeEco, Lenovo and Oppo seek relaxation in local sourcing norms
The proposals undertaking single-brand retail trading including those involving issues relating to relaxation of sourcing conditions on account of state-of-the-art and cutting edge technology are examined by the ministries/departments concerned

Parliament was informed about the requests on Monday. However, the government has not yet taken any decision on their requests, PTI quoted commerce and industry minister Nirmala Sitharaman as saying in a written reply to the Lok Sabha.

“Apple India Pvt. Ltd, Acer India, Le Ecosystem Technology India, Lenovo (India), OPPO Mobiles India have sought relaxation of sourcing condition. No decision has been taken by the government,” Sitharaman said.

Currently, as per the foreign direct investment (FDI) policy, in respect of proposals involving foreign investment beyond 51 per cent, sourcing of 30 per cent of the value of goods purchased will have to be done from India.

Read: FDI in retail: Milestones from 2006 to 2016

The proposals undertaking single-brand retail trading including those involving issues relating to relaxation of sourcing conditions on account of state-of-the-art and cutting edge technology are examined by the ministries/departments concerned, Sitharaman added.

She also said that since June 2014, the government has approved 20 proposals for foreign investment in the single-brand retail trading.

These proposals include Adidas India, Tommy Hilfiger, Nike India and Montblanc Services.