Apple has resubmitted its application to set up Apple Stores in India, after having missed out on some details in the first time.
Apple has reportedly resubmitted its application with the Department of Industrial Policy and Promotion (DIPP) in order to get permission to set up online and offline stores in India. Apple’s first application, filed earlier this year, missed out on a few important details regarding investment plans among others.
There were reports last month claiming that Apple was expected to get the government nod to set up its stores in India. But the DIPP asked Apple to resubmit its application since it had missed out on details about the investment and the number of stores the company wants to open. According to ET, Apple has already submitted the revised application, which is currently under review.
The Cupertino-based giant is quite serious about the Indian market, and CEO Tim Cook has gone on record to say India is highly important for its growth in the next decade. Apple Stores are not only highly profitable, but also represent how serious the company is about a certain market. In China, for example, Apple has rapidly set up more than 30 stores.
Apple has filed an application after the government relaxed rules on Foreign Direct Investments (FDI) in single-brand retail stores, which mandated 30 percent of the goods sold to be procured locally. Apple might be exempted from the rule, since it is likely to be classified as “a provider of cutting edge technology.”
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While Apple has a very small market share in India, there have been some good signs recently. In the December-ending quarter last year, the company is said to have sold more than 800,000 units — a new record. More recently, Apple’s market share overtook Xiaomi in the top-30 cities in India, which collectively account for 51 percent of the total smartphone market.
Recently it discontinued the iPhone 4s and the iPhone 5c with the aim of arresting the falling average selling price (ASP) and increase profits. The company is also seeking permission for manufacturing and selling pre-owned iPhones in the country.
Going forward, Apple is hosting its first major event of the year on March 21 at Cupertino where it is widely expected to launch the affordable iPhone SE with a 4-inch display. With India playing an important role, it will be interesting to see how soon the upcoming iPhone is launched here.
Source: bgr.in
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