Walmart plans to raise exports from India to $10 bn
Global retail major Walmart on Thursday said it will triple its exports of goods from India to $10 billion each year by 2027.
New Delhi: Global retail major Walmart on Thursday said it will triple its exports of goods from India to $10 billion each year by 2027.
The expansion in sourcing will include helping develop new suppliers in categories such as food, pharmaceuticals, consumables, health and wellness, and general merchandise, along with apparel, homeware and other key Indian export categories, the company said in a statement.
The Bentonville-based firm said its new commitment to export "$10 billion of India-made goods each year by 2027" is expected to provide a significant boost to micro, small and medium-sized enterprises (MSMEs) in India, alongside ongoing efforts such as the Flipkart Samarth and Walmart Vriddhi supplier development programmes.
Announcing the commitment, Walmart Inc President and CEO Doug McMillon said as an international retailer that brings value to customers and communities worldwide, Walmart understands that local entrepreneurs and manufacturers are vital to the success of the global retail sector. "And we see huge potential for Indian suppliers to grow their businesses by leveraging the unique scale and global distribution opportunity Walmart provides," he added.
McMillon further said: "By significantly accelerating our annual India exports in the coming years, we are supporting the Make in India initiative and helping more local businesses reach international customers while creating jobs and prosperity at home in India." It is also a way for Walmart to bring more high-quality, India-made goods to millions of customers all across the world, he added.