India tells Apple: You can open stores in India, but first create jobs – CNBC

8 months ago Comments Off on India tells Apple: You can open stores in India, but first create jobs – CNBC

Foreign companies eager to sell products in India must also create jobs in the country, Indian Finance Minister Arun Jaitley told CNBC in an interview, amid efforts by tech giant Apple to win approval to open its own retail stores in Asia’s third-largest economy.

Apple’s application — aimed at boosting sales in India and countering a slowdown in China — has yet to be approved, as India typically requires single-brand retailers to source at least 30 percent of their raw material needs from local suppliers.

Jaitley said the thought process behind the rule, which was put in place by the previous United Progressive Alliance coalition, was sound.

“Speaking for myself, I feel it was based on good rationale, and the rationale behind the policy was, when somebody eyes such a large market, obviously job creation also is something the government of India is concerned with,” Jaitley said.

India tells Apple: You can open stores in India, but first create jobs – CNBC}