The US-based multinational retailer giant Walmart Inc. announced recently to triple its exports of goods from India to $10 billion each year by 2027.
The chain of hypermarkets in 26 countries’ commitment has brought hope to the micro, small and medium-sized (MSME) enterprises of India. The sourcing expansion is said to be helping to develop hundreds of new suppliers of food, pharmaceuticals, consumables, health and wellness and general merchandise along with apparel, homeware and other key Indian export categories.
Douglas McMillan, President And Chief Executive Officer of Walmart Inc. 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. And we see huge potential for Indian suppliers to grow their businesses by leveraging the unique scale and global distribution opportunity Walmart provides.”
He added, “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 higher quality, India made goods to millions of customers all across the world”.
Walmart is sourcing from India for over 20 years and is helping local suppliers to upgrade their operations to meet international standards. Through the way, the Indian MSMEs are developing new product lines and building new capabilities in packaging, marketing, supply chain management and more.
Welspun Group is an Indian multinational conglomerate company, headquartered in Mumbai, India, whose one of the core industries is textiles, became a Walmart supplier in 1998. Welspun has grown to become the world’s largest home textiles manufacturer, exporting 94 percent of their output and employing 20,000 people, 25 percent of whom are women.
Dipali Goenka, Chief Executive Officer and Joint Managing Director of Welspun India Ltd said, “Most significantly, businesses are agents of change, and we have been able to leverage our relationship with Walmart to sharpen our focus on quality, sustainability and diversity and inclusiveness.”
Welspun is a homegrown brand that exemplifies the Make in India story internationally. Also, the company stood together as partners during challenging times. With Walmart’s expanded commitment to Indian suppliers, it is leading tomorrow together.
Vriddhi, Walmart’s Indian supplier development programs are trying to leverage export skills and knowledge of the local suppliers for the past one year. Their goal is to prepare and empower 50,000 MSMEs to supply over the home and global markets.
India exports almost $3 billion annually to Walmart. It distributes India-made products in 14 markets, including the US, Canada, Mexico, Central America and the United Kingdom, via Walmart’s Global Sourcing office in Bangalore, which opened in 2002.
Walmart Inc. (NYSE: WMT) helps people around the world save money and live better — anytime and anywhere — in retail stores, online, and through their mobile devices. Each week, over 265 million customers and members visit approximately 11,400 stores under 55 banners in 26 countries and e-commerce websites. With the fiscal year 2020 revenue of $524 billion, Walmart employs over 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity.