Global retail major Walmart on Thursday said it will triple its exports of goods from India to USD 10 billion each year by 2027.
The expansion in sourcing will include helping develop 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 said in a statement.
The Bentonville-based firm said its new commitment to export "USD 10 billion of India-made goods each year by 2027" 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.
Announcing the commitment, Walmart Inc President and CEO Doug McMillon 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," he added.
McMillon further said: "By significantly accelerating our annual India exports in the coming years, 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 added.
In order to accelerate exports from India, Walmart said it will strengthen the development of the supply chain ecosystem in the country, both by boosting existing exporters and by expanding the nation's pool of export-ready businesses.
Stating that it has sourced goods from India for more than 20 years, Walmart said it brings global market intelligence and demand forecasts that help suppliers with strategic planning.
"This support has contributed to the global success of hundreds of companies, including Welspun, LT Foods and Aniket Metals, plus fast-growing export businesses like Global Green Company, and many more," the company added.
Walmart said India is already one of its top sourcing markets with annual exports worth about USD 3 billion.
The company said India-made apparel, homeware, jewellery, hardlines and other popular products currently reach customers in 14 markets, including the US, Canada, Mexico, Central America, and the United Kingdom, via its Global Sourcing office in Bengaluru, which opened in 2002.
"As the sourcing hub ramps up over the next few years, the local team will be empowered to make an even greater impact for even more local businesses in a wider range of sectors," it said.