Walmart announced on Thursday that it will triple its exports of goods from India to $10 billion each year by 2027. This commitment is likely to boost micro, small and medium-sized enterprises (MSMEs) in India. The expansion in sourcing would help in developing 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 stated.
"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," said President and Chief Executive Officer Doug McMillon.
McMillion said that by significantly accelerating the company's annual India exports in the coming years, they are supporting the Make in India initiative. They are helping more local businesses reach international customers as well as create jobs. "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.
The company will strengthen development of the supply chain ecosystem in India by boosting existing exporters and expanding the nation's pool of export-ready businesses.
India is one of Walmart's top sourcing markets. Walmart has sourced goods from India for more than 20 years. The company's annual exports from India is pegged at $3 billion. The US, Canada, Mexico, Central America, and the United Kingdom and other countries receive apparel, homeware, jewellery, hardlines and other popular products via Walmart's Global Sourcing office in Bangalore that opened in 2002.