Last week, the chances for Apple to be able to put up retail stores in India did not look too good. In the country, companies that would like to establish retail stores needed to source 30 percent of the goods it plans to sell locally, which is a requirement that Apple will not be able to fulfill due to its supply chain not going through India.

Apple had asked for a waiver to the rule, with a government panel recommending the company to be exempted from the regulation due to the cutting-edge technology featured in its devices. A senior government official stated that the rule would still apply to Apple, dimming the hopes of the company to tap into the lucrative Indian market with retail stores.

However, a new report claims that Apple should not yet give up on the matter, as the government of India said it is still in discussion regarding Apple's application for a waiver on the local sourcing rule.

A panel established by Nirmala Sitharaman, India's commerce and industry minister, committed to accept Apple's request for a waiver to the rule, similar to what the country did for several foreign retail companies last year that sold devices with state-of-the-art technology.

It was the foreign investment promotion board of India's finance ministry that declined Apple's request for a waiver, continuing to demand from the company to have its products for sale in the country to be at least 30 percent sourced locally.

Sitharaman said the commerce and industry ministry will be speaking with the finance ministry regarding its decision, perhaps to convince them to accept Apple's application for a waiver and its entry into the country through retail stores.

Apple is looking to tap into India, which is one of the fastest growing markets for smartphones in the world. Apple CEO Tim Cook met with Indian Prime Minister Narendra Modi last week, and if the finance ministry does not budge on its decision, Apple's entry into India might require the intervention of Modi.