Walmart commit ‘Made in India’ sourcing products to $10 billion every year by 2027
29 December 2020: Endorsing India’s continuing rise as a global hub of manufacturing, Walmart recently said it will triple its exports of goods from India to $10 billion each year by 2027. With this, 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 such as the Flipkart Samarth and Walmart Vriddhi supplier development programs.
India is already one of Walmart’s top sourcing markets, with annual exports worth about US$3 billion. India-made apparel, homeware, jewellery, hardlines and other popular products currently reach customers in 14 markets, including the U.S., Canada, Mexico, Central America and the United Kingdom, via Walmart’s Global Sourcing office in Bangalore, which opened in 2002.
So, the expansion in sourcing will include helping develop hundreds of new suppliers in categories such as food, pharmaceuticals, consumables, health & wellness and general merchandise, along with apparel, homeware and other key Indian export categories, the company said in a statement.
Announcing his company’s commitment, Doug McMillon, President and CEO of Walmart Inc 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.”
With fiscal year 2020 revenue of $524 billion, Walmart employs over 2.2 million associates worldwide. It may be noted that Walmart’s supplier development program Vriddhi, launched a year ago, is bringing export skills and knowledge to MSMEs to prepare them to succeed as suppliers to Walmart, Flipkart and other companies in India and around the world. The goal is to empower 50,000 MSMEs to Make in India for domestic and global supply chains over five years.
