I was wondering why it took Apple so long to open B&M stores in such a large potential market, and found this 2018 article from Forbes. While I don't know if Apple now qualifies according to these guidelines (they've been making the iPhone in India since 2018), I guess Apple's decision to move more manufacturing to India was good enough for the Indian gov't to allow Apple to open some stores:
"Though most Indian consumers do not buy smartphones in urban stores, Apple wants to open an official Apple Store there. But it has failed because India requires single-brand retailers that are more than 51% foreign-owned to buy at least 30% of their manufacturing materials from Indian vendors.
Apple makes most iPhone components elsewhere in Asia and has not been able to convince the government to give it a break. The Journal reports that government officials want Apple to invest more in local production and bring more high-tech jobs to India."
Apple's stock is down 28% from its high. Is it now a
www.forbes.com