India has made it easier for brands such as Apple to open stores in the country. The Indian government announced Wednesday that global single-brand retailers will no longer need its permission to own and operate stores in the country, reports CNN Money.
Foreign companies previously needed government approval to own more than 49% of an Indian retail operation, leading many to partner with Indian companies or rely on local distributors and franchises. India’s retail market presents a compelling opportunity. It is currently worth around $600 billion, according to a 2017 report by consultancy PwC. By 2020, Indian shoppers could be spending $1 trillion year, it added.
Getting a foothold in India has been a challenge for Apple. The company has opened its retail stores in a number of countries around the world, but not there. It looks like that will be changing very soon.