India clears the way for Apple to open retail stores

India clears the way for Apple to open retail stores

Prime Minister Narendra Modi’s cabinet is finally clearing the way for Apple to open retail stores in India after a series of delays hampered the company’s plans for expansion into the country, Bloomberg reports. People familiar with the discussions said the cabinet is likely to approve a three-year exemption to the country’s requirement that single-brand retailers obtain 30 percent of their products’ materials locally, overruling the country’s Foreign Investment Promotion Board, which ruled in May that Apple had to comply with all of the restrictions. To justify the exemption, the government is making it easier for foreign companies like Apple to meet the criteria to be listed as a provider of “cutting-edge technology,” according to sources who asked not to be identified because they weren’t authorized to talk to the media.

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