Update: A spokesperson from Xiaomi told MediaNama: "We have submitted our SBRT (Single Brand Retail Trading) application and currently it is under process with DIPP. We are in constant discussion with the department for small clarifications, and we have not met any major obstacles to date. We are unable to comment further on the specifics of the application as it is still being processed." Earlier: Chinese smartphone maker Xiaomi has withdrawn its request for exemption of the mandatory 30% local sourcing rule for opening single brand retail stores in India, reports PTI. The company had approached the Department of Industrial Policy and Promotion (DIPP) for opening single brand retail stores in India in April. However, in March 2015, Xiaomi had launched an online store in India. MediaNama wrote to Xiaomi for a statement yesterday, and we haven't heard back from them. In November last year, the ministry of commerce had opened up foreign direct investment (FDI) in 15 sectors, which includes broadcasting sector, single brand retail, banking in the private sector. Additionally, a foreign brand looking to open single brand retail stores in India must source at least 70% of its products in house, and 30% from Indian manufacturers. However, in case of ‘state-of-art’ and ‘cutting edge technology’ sourcing norms can be relaxed subject to Government approval. The government also decided that an entity, which has been granted permission to undertake single brand retail, would be permitted to undertake e-commerce activities as well. Apple's seeks approval for opening single brand stores: During his visit to India last month,…
