US retail giant Walmart on Thursday committed itself to triple goods exports from India to $10 billion annually by 2027.
The Bentonville-based firm said its new commitment to export “$10 billion of India-made goods each year by 2027” is expected to provide a significant boost to MSMEs in India, alongside ongoing efforts such as the Flipkart Samarth and Walmart Vriddhi supplier development programmes.
The expansion in sourcing will include developing 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.
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.
“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 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”.