India might soon have branded stores being set up by companies like Apple, LeEco and Xiaomi, which had earlier applied for exemption of local sourcing rules. The government has relaxed FDI rule of mandatory 30% local sourcing for opening single brand retail stores for up to three years, and additionally up to five years if the brand proved that its products are “state-of-art and cutting edge’ technology, according to a PIB release. It also approved 100% FDI by default for DTH, Cable TV, HITS operators. Apple’s seeks approval for opening single brand stores: During Apple CEO Tim Cook’s visit to India last month, he had announced that Apple is planning to set up three branded retail stores in India but wanted the government to drop the 30% local sourcing clause. The government didn't agree to Apple's request. In April – a month before…
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