The policy didn't define cutting edge. The DIPP, on its part, formed a three-member panel, comprising its secretary, a member of the Niti Aayog and a representative of the administrative ministry such as telecom and information technology, to look into the applications made under this category and determine if they could be categorised as cutting-edge.
The Foreign Investment Promotion Board (FIPB) has asked the Department of Industrial Policy and Promotion (DIPP), to incorporate relaxation in local sourcing rules for foreign-funded single-brand retailers selling products with cutting-edge technology.
The Board, which clears foreign investment proposals, has written to the DIPP saying that the#
Besides Apple, several companies such as China's handset makers Xiaomi and LeEco have sought waiver from sourcing under the new policy.
The FIPB officials are of the view that exemption cannot be given to Apple in the absence of explicit guidelines on interpretation of the 'cutting-edge' definition as it would be tantamount to discretion –which the NDA government stated it wanted to avoid in its economic policies. (SH)
ALCHEMPro News Desk – India
marketing@alchempro.com
