FDI In Single Brand Retail

The move would also give a boost to the pillars of the Indian retail industry, says Deloitte

The pragmatic stance taken on retail is the first good step that goes beyond damage control and toward filling a strategic gap

For Apple, India is an important market and the company has been looking for easier norms to set up fully-owned stores like in other parts of the world

According to the Cabinet decision taken on Wednesday, all procurement in India - for domestic or export markets - will be accepted as local sourcing

The new investment rules could provide a boost to Apple, allowing it to grow sales in the country and possibly help it reduce its dependency on China by building an alternative supply chain in India

From the govt easing FDI norms for single-brand retail, digital media, and manufacturing to Synergy Group planning to pick up 49% stake in Jet Airways, here are the top business headlines for Thursday

Exports to be factored in to meet 30% domestic sourcing norm

The Union Cabinet also approved 100% FDI under automatic route in coal mining and associated infrastructure

Other proposals under consideration include raising investment limits in digital media and easing rules for retailers selling a single brand

The move comes as Apple awaits clarity on local sourcing norms for single-brand retail

Policymakers must understand that the bit by bit tweaks in FDI norms, spread over long years, won't help in the long run

Finance Minister Nirmala Sitharaman said the 30 per cent local sourcing norms in single-brand retail would be relaxed as she sought to make India an attractive destination for foreign players

Relaxed rules have given a push to foreign direct investment inflows into India, which rose 17 percent in April-September to $21 billion from a year ago

Fashion retail in the country has seen increased traction after the entry of global retailer H&M, which has aggressively opened stores in the country

A formal notification is expected later on Wednesday