On Thursday, Walmart Inc said it would triple its India-made products exports to $10 billion per year by 2027 in a development that will further extend the South Asian nation’s global scope of goods. India, with annual exports of about $3 billion, is also among Walmart’s top procurement markets for items such as jewellery and homeware.
“We are supporting the Make in India initiative and helping more local businesses reach international clients by significantly accelerating our annual Indian exports in the coming years, while creating jobs and prosperity at home in India,”Walmart Chief Executive Officer Doug McMillon
Walmart, based in Bentonville, Arkansas, purchased about 77 percent of Indian e-commerce business Flipkart for about $16 billion in 2018, marking the largest acquisition for India’s e-commerce market where it competes with the local subsidiary of its U.S. competitor, Amazon.com Inc. Bengaluru-based Flipkart acquired the wholesale sector of the U.S. retail giant in India earlier this year.
The company said on Thursday that its dedication to deeper Indian sourcing would include helping to grow hundreds of new suppliers across categories such as fruit, pharmaceuticals, consumables, and apparel.
Walmart brings projections of global business intelligence and demand that enable strategic planning for suppliers. This funding has helped hundreds of businesses, including Welspun, LT Foods, and Aniket Metals, plus fast-growing export companies such as Global Green Company, and many more, thrive globally.