Walmart’s global CEO, Doug McMillon, stated on Tuesday that the US-based retail behemoth is collaborating with Indian suppliers to reach its goal of sourcing US $ 10 billion worth of goods from India for its operations globally. Over the years, Walmart has expanded its procurement from India, and the company is pleased with the advancements, he added.
To increase exports in apparel, food, toys, and other areas, the retail behemoth declared in December 2020 that it will source US $ 10 billion worth of goods from India by 2027.
“At first, we were only sourcing products from a few categories, but we were eager to get going. Take a look at what our sourcing firm has accomplished. It has expanded significantly, and we now aim to reach US $ 10 billion annually, which is a significant amount, and we are collaborating with the supplier community to do that,” he stated.
A walkthrough of Walmart’s India development story, which covered exports, digital innovation, creating inclusive supply chains, and empowering communities, was also given to McMillon, who is now on a two-day tour of India.
Walmart reported last year that, over the past 20 years, it had sourced goods from the Indian market valued at over US $ 30 billion for its global operations. Walmart has been operating in India for more than 20 years.
In 2002, Walmart Global Sourcing opened an office in Bengaluru, allowing Indian manufacturers to provide Walmart stores with goods from the US, Canada, Mexico, central America, and the UK.
Walmart said earlier this month that it is expanding its supplier development program in India, Walmart Vriddhi, to include one lakh more micro, small, and medium-sized businesses (MSMEs) over the course of the next three years.
