Inc is poised to open an online store for the first time in the fast-growing smartphone market of India next month, according to a person with knowledge of the matter, taking advantage of a relaxation of once-strict prohibitions against foreign direct retail. The iPhone maker, which lobbied New Delhi for years to get around regulations that force companies such as Apple
to source 30% of components locally, had originally planned to start online sales within months after the government relaxed the rule last year. Those plans were disrupted by the coronavirus pandemic.
Severe shock to consumption, economy will take longer to recover: RBI
The contraction in economic activity will likely prolong as states reimposed stricter lockdowns, the annual report of the Reserve Bank of India
(RBI), released on Tuesday morning, said. It is important to withdraw the stimulus measures once the cure to Covid-19 is found, the report adds. Read more