Narendra Modi is a PM who knows social media.
The foreign direct investment (FDI) rules that prevented Apple from opening retail stores in India have been rewritten. The details were released on Twitter:
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This is the specific language that seems to give Apple retail the green light:
9. Single Brand Retail Trading
It has now been decided to relax local sourcing norms up to three years and a relaxed sourcing regime for another five years for entities undertaking Single Brand Retail Trading of products having ‘state-of-art’ and ‘cutting edge’ technology.
Tim Cook met with Prime Minister Modi during his high-profile visit last month, presumably to iron out such trade barriers. Still unresolved is whether Apple will be permitted to sell pre-owned iPhones on the subcontinent.
UPDATE: According to LiveMint‘s Remya Nair, Apple must reapply under new rules announced on Monday if it wants a waiver from the stipulation that mandates single-brand foreign retailers to source 30% of their products from India.