Endorsing India's continuing rise as a global hub of manufacturing, US-based retailer Walmart said on Thursday it will triple its exports of goods from India to 10 billion dollars each year by 2027.
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 like Flipkart Samarth and Walmart Vriddhi supplier development programmes.
The expansion in sourcing will include helping develop hundreds of 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.
"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," said Doug McMillon, President and Chief Executive Officer of Walmart Inc.
"We see huge potential for Indian suppliers to grow their businesses by leveraging the unique scale and global distribution opportunity Walmart provides," he said in a statement.
"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," added McMillion.
"It is also a way for Walmart to bring more high-quality, India-made goods to millions of customers all across the world." To accelerate its India exports, Walmart 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.
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 and supply chain management.
India is already one of Walmart's top sourcing markets with annual exports worth about three billion dollars.
India-made apparel, homeware, jewellery, hardlines and other popular products currently reach customers in 14 markets including the United States, Canada, Mexico, Central America and the United Kingdom via Walmart's global sourcing office in Bengaluru which opened in 2002.