The government is favourably considering the proposal of US-based iphone maker Apple, which plans to set up a manufacturing unit in the country. The proposal is with the the commerce and industry ministry and it is "favourably" considering the proposal, sources said. With sales tapering in the US and China, Apple is eyeing India -- the fastest growing smartphone market in the world -- and looking to set up a local manufacturing unit to cut costs. Besides exemption from the customs duty on imports of components and equipment for 15 years, Apple wants relaxation in the mandated 30% local sourcing of components. It has no wholly-owned store in India and sells its products through distributors such as Redington and Ingram Micro.

Source: dna February 20, 2017 19:14 UTC