Glimmer of hope for Apple
The commerce ministry will take up the proposal to waive the local sourcing norm for Apple Inc with the finance ministry again, offering fresh hopes to the iPhone maker to set up stores here.
- Published 31.05.16
New Delhi, May 30: The commerce ministry will take up the proposal to waive the local sourcing norm for Apple Inc with the finance ministry again, offering fresh hopes to the iPhone maker to set up stores here.
The finance ministry had earlier rejected the proposal as a pre-condition for Apple to set up single-brand stores in the country.
Commerce and industry minister Nirmala Sitharaman today said her ministry had taken a line that the 30 per cent local sourcing requirement can be waived off for high-end technology products.
"Now, the finance ministry has already taken a different position, we will certainly talk to them. I want more clarity on that. We will talk and make sure that sooner we will come out with some decision," she told reporters here.
Xiaomi, which had earlier sought the sourcing waiver, has now said it does not need the waiver as it has started manufacturing in India, industry secretary Ramesh Abhishek said.
Chinese mobile company LeEco has also sought a relaxation in the sourcing norm.
On Apple's proposal to import refurbished phones and sell in India, Sitharaman said,"We would not be in favour of whatever you may call them - used but refashioned, remodelled, updated. We are not in favour of bringing them here."
Meanwhile, Sitharaman said the commerce ministry has asked the finance ministry to extend the tax holiday for start-ups to seven years from three years.
For 2016-17, Rs 1,100 crore has been allocated for start-ups and 35 new incubators have been set up.