Walmart commits $10 billion to export Indian goods each year by 2027

BENTONVILLE/NEW DELHI: The Walmart has 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.

“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 a potential for Indian suppliers to grow their businesses. By accelerating our annual India exports in the coming years, we are supporting the Make in India. It is also a way for Walmart to bring India-made goods to millions of customers all across the world,” Doug McMillon, president and chief executive officer of Walmart Inc said in a statement.

“We provide a platform that allows them to reach the pan-India market and refine their all-important branding, marketing, logistics and compliance capabilities for the global market, too,” said Kalyan Krishnamurthy, chief executive officer of Flipkart Group,in a statement.

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. This support has contributed to the global success of companies including Welspun, LT Foods and Aniket Metals and others.

In a statement, chief executive officer, Welspun India, Dipali Goenka said, “Since we became a Walmart supplier in 1998, Welspun has grown to become the world’s largest home textiles manufacturer, exporting 94% of our output and employing 20,000 people, 25% of whom are women.”

At the grassroots level, Walmart’s supplier development program Vriddhi, launched a year ago, is bringing export skills and knowledge to MSMEs to prepare them to succeed as suppliers to Walmart, Flipkart and other companies in India and around the world. The goal is to empower 50,000 MSMEs to Make in India for domestic and global supply chains over five years.

India is already one of Walmart’s top sourcing markets, with annual exports worth about US$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.

Walmart commits $10 billion to export Indian goods each year by 2027 Walmart commits $10 billion to export Indian goods each year by 2027 Reviewed by TechCO on 12/10/2020 Rating: 5

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