Leading single-brand retailers hailed the government's move to ease local sourcing norms and allow online sales, saying it is an encouraging step to attract investments in the sector
Local sourcing norms for FDI in single brand retail to be eased in few a weeks: Commerce Minister Piyush Goyal
India will be easing mandatory local sourcing norms for FDI in single-brand retail trading in the next few weeks, Commerce and Industry Minister Piyush Goyal said
Govt may relax mandatory 30% local sourcing norms for single-brand retailers to attract big foreign players
Single-brand foreign retailers may be allowed to adjust the incremental sourcing of goods from India for global operations during the initial 10 years
Hindustan Unilever pitches for reducing corporate tax rate; urges govt to relax local sourcing norms
In February this year, Finance Minister Arun Jaitley lowered corporate tax rate to 25 percent for businesses with turnover up to Rs 250 crore.
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 today.
The government is reportedly planning a (special) arrangement to help Apple out by relaxing the sourcing requirements even further.
Ruling out relaxation of the mandatory sourcing norm for global retailers who want to set up stores in India, the government said companies have to procure 30 percent of their merchandise requirement from domestic small industries.