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FIPB for relaxing sourcing clause in FDI
10 Jun '16
3 min read
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.
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)
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