India's trade minister: discussing Apple's request for FDI rules waiver

Reuters News
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Posted: May 30, 2016 2:42 AM

NEW DELHI (Reuters) - India's commerce and industry minister on Monday said she was in talks with the finance ministry on Apple Inc's foreign direct investment proposal that seeks a waiver from the country's local sourcing rules.

Nirmala Sitharaman's comments came days after the finance ministry asked the iPhone maker to meet rules that mandate foreign retailers to sell at least 30 percent locally-sourced goods if it wished to open stores in the country.

The minister, however, said she was not in favor of relaxing rules for Apple to sell refurbished second-hand phones in India.

(Reporting by Manoj Kumar; Writing by Rajesh Kumar Singh; Editing by Douglas Busvine)