Nirmala Sitharaman said pple, Acer, Lenovo, OPPO has sought relaxation in sourcing norms. So far no decision has been taken.
Five companies - Apple India, Acer, Le Ecosystem Technology, Lenovo (India) and OPPO Mobiles have sought relaxation in the local sourcing norms to set up single brand retail stores in India, Parliament was informed on Monday.
However, the government has not yet taken any decision on their requests, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha. "Apple India Pvt Ltd, Acer India, Le Ecosystem Technology India, Lenovo (India), OPPO Mobiles India have sought relaxation of sourcing condition. No decision has been taken by the government," Sitharaman said.
Currently, as per the FDI policy, in respect of proposals involving foreign investment beyond 51 per cent, sourcing of 30 per cent of the value of goods purchased will have to be done from India.
She said the proposals undertaking single brand retail trading (SBRT) including those involving issues relating to relaxation of sourcing conditions on account of 'state of the art' and 'cutting edge technology' are examined by the ministries/departments concerned.
After that, the government considers these proposals taking into consideration views and comments of such departments, she added. She also said that since June 2014, the government has approved 20 proposals for foreign investment in the single brand retail trading.
These proposals include Adidas India, Tommy Hilfiger, Nike India and Montblanc Services.Replying to a separate question, Sitharaman said the Department of Industrial Policy and Promotion (DIPP) has received 808 applications of startup recognition. "Out of these, 227 have been accepted and the rest have been requested to submit the required documents and have been refereed to startup India hub for handholding support," she said.
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