It’s looking positive for Apple to win clearance to open its first retail stores in India. The company should also qualify as a provider of cutting-edge technology, sources told Bloomberg.
That would exempt the maker of iPhones and iPads from a rule forcing foreign businesses that retail a single brand in India to procure 30% of a product’s inputs locally. The company makes most of its devices in China.
India is an important country for Apple. The Cupertino, California-based company Apple crossed the $1 billion sales mark in its India operations for the first time in the fiscal year that ended in March, according to results filed with the Registrar of Companies (RoC) on Wednesday.
According to a Brand Equity report, Apple posted a 44 percent increase in sales to Rs 6,472.89 crore from Rs 4500.35 crore and net profit doubled to Rs 242.85 crore from Rs 119.48 crore as the company widened its retail network and stepped up marketing efforts, including buyback schemes, installment programs and discounts.
The iPhone has a 9% share of the Indian cellphone market, but is still eclipsed by Samsung and Micromax, which offer cheaper alternatives. There’s no doubt Apple is planning on changing this.