Budget 2019: FM eases sourcing local norms, opens doors to Apple Stores

Aiming to attract big players, single-brand retail firms may be permitted to open online stores before setting up brick-and-mortar shops if they bring in over $200 mn FDI

Finance Minister Nirmala Sitharaman’s maiden budget speech may turn out to be the best thing that has happened to Apple in recent years in the country. As the FM announces a proposed relaxation on the stringent local sourcing norms for single brand retail scheme, the American technology giant may finally breathe a sigh of relief.

Apple Inc. – the Cupertino-headquartered company – can now move forward with its long-awaited plan to open up its branded Apple Stores in the country.

First opened in 2001 by maverick Steve Jobs in Tysons, Virginia – the stores, over the years, have turned into