Xiaomi may have been spooked by the rejection of Apple's request for exemption from 30% local sourcing norms.
Recently, the Finance Ministry rejected a proposal from Apple, for exemption from India's 30% local sourcing policy, to set up its retail stores in the country. Now, following this development, Xiaomi has retracted its application for exemption from the same rule.
The Chinese smartphone maker had earlier submitted an application to gain waiver on the 30% local sourcing norm, in a bid to open single-brand retail stores in India. Xiaomi had submitted an application to the Department of Industrial Policy and Promotion (DIPP) for the same.
It looks like the company has taken a u-turn and will be follwoing protocol when it comes to sourcing 30% raw materials from India, or it may also choose to hold-off opening single brand retail stores in the country. Xiaomi has not made any official comments on the same till now.
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