NEW DELHI: Walmart announced Thursday 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, along with 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 and wellness and general merchandise, along with clothing, household goods and other key export categories from India, he said. the company.
“As an international retailer that brings value to customers and communities around the world, Walmart understands that local entrepreneurs and manufacturers are vital to the success of the global retail industry. And we see tremendous potential for Indian suppliers to grow their businesses by taking advantage of the unique scale and global distribution opportunity that Walmart provides. ”Doug McMillon, President and CEO, Walmart Inc said.
“By significantly accelerating our annual exports from India in the coming years, we support the Make in India initiative and help 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 products made in India to millions of customers around the world, ”he added.
To accelerate its exports to India, Walmart will strengthen the development of the supply chain ecosystem in India, both by boosting existing exporters and expanding the national pool of export-ready businesses.
Walmart has sourced products from India for more than 20 years, supporting local suppliers to help them improve their operations and meet international standards, develop new product lines, and develop new capabilities in packaging, marketing, supply chain management. supply and more.
Walmart offers global market intelligence and demand forecasts that help vendors with strategic planning. This support has contributed to the global success of hundreds of companies, including Welspun, LT Foods, and Aniket Metals, as well as fast-growing export companies such as Global Green Company and many more.
India is already one of Walmart’s top sourcing markets, with annual exports worth around $ 3 billion. Indian-made apparel, household goods, jewelry, hard lines and other popular products currently reach customers in 14 markets including the US, Canada, Mexico, Central America and the UK, through Walmart’s global sourcing office in Bangalore, which opened in 2002.
As the sourcing hub accelerates in the coming years, the local team will be empowered to make an even greater impact on more local businesses in a broader range of sectors.
.
