With an aim to create a manufacturing ecosystem the Cabinet Committee on Economic Affairs relaxed key aspects of the 30% local sourcing rule for foreign direct investment (FDI) in single-brand retail.
In the June quarter, Apple recorded double-digit revenue and this opens a lot of doors giving them numerous opportunity to hits the major wall of the Indian Market.
For some time now the US-based smartphone company has been facing solid competition and sourcing products locally will benefit them in many ways. The rule also allows the brand retailer to set up an online store and sell products before going physical.
Avail Great Discounts on iPhones
Apple smartphones have something different that Indians would like to own. However, the heavy import duty of around 20% on its product makes it out of the reach of the average consumer. 2018 and 2019 saw a drastic decline in the sales of the phone which led them to change their marketing strategy leading to great discounts on their latest models.
iOS Devices Now Available over Indian Retail Stores
Accepting ongoing trade Problems between the US and China, this rule comes as a deal for Apple and will help them to boost their growth rate in the Indian Market. From a long period of time, the brand has been dependent on China for manufacturing of its item, however, this opens ways for them to build a unit in India. The company sells its devices via 140 retail stores in India and will shortly start selling iPhone, iPad and Mac book online. This move will work a lot in favor of the brand.
Apple Opens its First Store in India Soon!
The brand is also gearing up to open its first store in Mumbai, India by 2020. This paves way for them to reach to a huge sector of consumer and control their services through both online and offline distribution.