Global retail giant Walmart on Thursday said that it is aiming to triple its exports of Indian goods.
It currently exports $3 billion worth of India-made goods annually and is expecting to increase it to $10 billion each year by 2027.
The company plans to increase sourcing from suppliers in categories such as food, pharmaceuticals, consumables, health & wellness, and general merchandise, along with apparel, homeware and other key Indian export categories, it said.
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 Flipkart Samarth and Walmart Vriddhi supplier development programs.
"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 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.
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.
