India’s wait for its first Apple-owned store is not going to end soon. In June, the Narendra Modi government had paved the way for Apple to open direct stores in the country—almost a decade after iPhones first started selling here. And while Apple’s Indian fans rejoiced at the decision, it now appears that they may have celebrated too soon.
“At some stage, we over-read into Cook’s visit to India,” said Sanchit Vir Gogia, Chief Analyst and CEO at Greyhound Research. “I think his visit to India was a validation of his interest in the country in the long-term. In the short-term, it was just to build partnerships with companies like Reliance.”