Amid the ongoing coronavirus pandemic and economic depression, there is some good news. A leading retail major Walmart on Thursday announced that it will triple its exports of goods from India to $10 billion each year by 2027.
The Company thereby endorses India’s continuing rise as a global hub of manufacturing. To accelerate its India exports, Walmart will strengthen the 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’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 programmes.
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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 huge potential for Indian suppliers to grow their businesses by leveraging the unique scale and global distribution opportunity Walmart provides,” said Doug McMillon, president and chief executive officer of Walmart Inc.
“We are supporting the Make in India initiative and helping more local businesses reach international customers while creating jobs and prosperity at home in India. It is also a way for Walmart to bring more high-quality, India made goods to millions of customers all across the world,” he noted.