India Clears Path for Apple to Open First Retail Store
- Tweaks to sourcing rules to benefit Apple: people familiar
- Apple looking to tap world’s fastest-growing smartphone market
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Prime Minister Narendra Modi is clearing the way for Apple Inc. to open its first retail store in India after repeated delays, according to people familiar with the matter.
Modi’s cabinet on Wednesday approved a three-year exemption on local-sourcing requirements for foreign single-brand retail companies with “cutting-edge technology," according to the people, who asked not to be identified due to rules for speaking with the media. At the same time, the government will make it easier for companies like Apple to meet that criteria, the people said.