New Delhi: Walmart Inc., on Thursday, gave a massive boost to the country’s initiative for an Atmanirbhar Bharat (Self-Reliant India) by announcing that it would triple exports of India-made goods to USD 10 billion per annum by 2027.
The US-based multinational company said the move will help expand the global reach of goods from the South Asian nation.
India is already among Walmart’s top sourcing markets for products such as jewelry and homeware, with annual exports of about USD 3 billion, media reported.
“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,” Walmart’s CEO Doug McMillon said in a statement.
Bentonville, Arkansas-headquartered Walmart had acquired about 77% of Indian e-commerce major Flipkart for nearly USD 16 billion in 2018, marking the biggest deal for India’s e-commerce sector where it competes with its U.S. rival Amazon.com Inc’s local unit.
Earlier this year, Bengaluru-based Flipkart bought the U.S. retail giant’s wholesale business in India.
On Thursday, Walmart said its commitment to deeper sourcing from India will include helping develop hundreds of new suppliers across categories such as food, pharmaceuticals, consumables, and apparel.
(VP)
