Walmart will triple its exports of goods from India to US $ 10 billion each year by 2027, which is expected to provide a big support to Indian MSMEs.
The expansion in sourcing will include helping develop hundreds of new suppliers in various categories including apparel and homeware.
Doug McMillon, President and CEO of 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.”
Walmart announced it’s tripling its commitment to India by sourcing $10 billion annually from the country by 2027, bringing more high-quality, India-made goods to shoppers worldwide. https://t.co/514Tjj5iWt pic.twitter.com/YLzepGfKVH
— Walmart Inc. (@WalmartInc) December 10, 2020
Walmart’s initiative is a support to ‘Make in India’ initiative and helping more local businesses reach international customers, while creating jobs and prosperity at home in India.
The company 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.
Currently, the company is sourcing overall goods of about US $ 3 billion, which has good share of apparel and homeware.
It is pertinent to mention here that currently Walmart is sourcing from many Indian companies covering from hundreds of medium level exporters to top Indian players like Welspun, which is working with Walmart since last 22 years.
Dipali Goenka, CEO and JMD, Welspun India Ltd., says “Welspun has grown to become the world’s largest home textiles manufacturer, exporting 94 per cent of our output and employing 20,000 people, 25 per cent of whom are women.”
She further adds that most significantly, businesses are agents of change, and we have been able to leverage our relationship with Walmart to sharpen our focus on quality, sustainability and diversity & inclusiveness.
