NEW DELHI: Walmart on Thursday announced that it will triple its exports of goods from India to $10 billion each year by 2027.
Walmart’s new export commitment 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 programs.
The expansion in sourcing will include helping develop hundreds of new suppliers in categories such as food, pharmaceuticals, consumables, health & wellness, and general merchandise, along with apparel, homeware and other key Indian export categories, the company 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,” Doug McMillon, president and chief executive officer of Walmart Inc 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.
To accelerate its India exports, Walmart will strengthen development of the supply chain ecosystem in India, both by boosting existing exporters and by expanding the nation’s pool of export-ready businesses.
Walmart has sourced goods from India for more than 20 years, supporting local suppliers to help upgrade their operations and meet international standards, develop new product lines and build new capabilities in packaging, marketing, supply chain management and more.
Walmart brings global market intelligence and demand forecasts that help suppliers with strategic planning. This support has contributed to the global success of hundreds of companies, including Welspun, LT Foods and Aniket Metals, plus fast-growing export businesses like Global Green Company, and many more.
India is already one of Walmart’s top sourcing markets, with annual exports worth about $3 billion. India-made apparel, homeware, jewellery, hardlines and other popular products currently reach customers in 14 markets, including the US, Canada, Mexico, Central America, and the United Kingdom, via Walmart’s Global Sourcing office in Bangalore, which opened in 2002.
As the sourcing hub ramps up over the next few years, the local team will be empowered to make an even greater impact for even more local businesses in a wider range of sectors.
Source: https://m-timesofindia-com.cdn.ampproject.org/c/s/m.timesofindia.com/business/india-business/walmart-commits-to-exporting-10-billion-of-india-made-goods-each-year-by-2027/amp_articleshow/79663290.cms