Walmart looks to triple its 'made-in-India' exports to $10 billion every year by 2027
In a statement, Walmart said that its new export commitment is expected to provide a significant boost to micro, small and medium enterprises (MSMEs) in India, alongside ongoing efforts such as the
"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 apparel, homeware and other key Indian export categories," it said.
"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.
Kalyan Krishnamurthy, Chief Executive Officer of Flipkart Group said: "Flipkart is proud to work with thousands of Indian brands, MSMEs and artisans, with a focus on making them successful. 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."
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.
The statement said that 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.
India is already one of Walmart's top sourcing markets, with annual exports worth about $3 billion. India-made apparel, homeware, jewellery 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 Bengaluru, which opened in 2002.
Instagram and Facebook Messenger down for users across the globe
One research firm says shares of Infosys, HCL Tech, and TCS may see another surge — here's why
India’s desi-GPS is now in the same league as the US, Russia and China — can scan 1,500 kilometres beyond its own borders
Popular on BI
- A 'hole' 30 times Earth's size has spread across the sun, blasting solar winds that'll hit our planet by end of this week
- A former Twitter engineer said they watched colleagues 'drop like flies' from a virtual meeting during Elon Musk's mass layoffs
- Finland is offering free vacations for people to come and learn how to be happy after being named the happiest country in the world
- Over 23,000 techies lose jobs in nearly 82 Indian startups to date
- Scientists create car parts from lemons, corn, almonds and pomegranates that are better than traditional parts
- Cabinet clears dearness allowance hike by 4%
- India records 1,590 fresh COVID-19 cases, highest in 146 days
- Paytm announces launch of its upgraded payments platform powered by 100% indigenous technology — a shining example of ‘Make in India’