The Indian government has introduced much-needed reforms to its foreign direct investment policy, paving the way for international vendors like Apple to set up retail stores in the country. The new regulations allow foreign brands to take 100% ownership in defence, aviation, and e-commerce sectors.
The government is also relaxing its local sourcing norms for three years in a move that would allow Apple to establish retail stores even though it doesn't procure components from within the country. Mandatory sourcing norms have been a point of contention in the past, but with the government introducing new reforms, vendors like Apple can set up single-brand retail stores with ease.
According to Reuters, the government could waive local sourcing norms for up to five years if it finds that the products being sold are "state of the art."