India tells Apple: You can open stores in the country, if you create tasks

May 17, 2016 | 08 Comments | 26 Likes

Foreign companies excited to sell products in India should also develop tasks in the country, Indian Finance Minister ArunJaitley informed CNBC in an interview, amid efforts by tech giant Apple to win approval to open its own retailers in Asia's third-largest economy.

Apple's application targeted at improving sales in India and countering a slowdown in China has yet to be approved, as India usually needs single-brand retailers to source a minimum of 30 percent of their basic material requires from local suppliers.

Jaitley stated the believed process behind the guideline, which was put in location by the previous United Progressive Alliance coalition, was sound.

"Speaking for myself, I feel it was based on good reasoning, and the reasoning behind the policy was, when someone eyes such a large market, certainly task development likewise is something the government of India is worried about," Jaitley said.

"Now am I to be worried about job production or not? Or am I only to permit foreign business to sell items in India and not produce tasks in India?" he said.

Jaitley stated exceptions could be made in case of specific high-technology areas and the government would take a call on whether Apple's application satisfies these criteria.

Apple presently offers items in India through distributors. The tech company recently opened an iOS developer center to assist support and establish future app-makers.

Strengthening jobs development is a key cog of the Indian federal government's masterpiece "Make in India" effort that aims to encourage foreign manufacturers to start a business in India.