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Walmart, the global retail giant, has been actively sourcing goods from India for its international operations, with over USD 30 billion worth of goods procured from the Indian market in the past two decades. The company is now aiming to triple its sourcing from India, setting a target of USD 10 billion per year by 2027.
Speaking at the Walmart Growth Summit, Walmart Inc. Executive Vice President of Sourcing Andrea Albright emphasized the company's commitment to supporting Micro, Small, and Medium Enterprises (MSMEs) and entrepreneurs in India. Walmart sees significant potential in India's growing economy and aims to contribute further by strengthening its relationships with both established and new suppliers in the country.
Under its Walmart Vriddhi initiative, Walmart has already trained 50,000 individuals to support MSMEs in modernizing and expanding their operations. This initiative is crucial in empowering local suppliers and fostering job creation within communities.
Walmart's CEO Doug McMillon and Walmart International President and CEO Kathryn McLay highlighted India's immense potential and the attractiveness of its ecosystem and infrastructure for business. They reaffirmed Walmart's commitment to helping Indian MSMEs achieve their goals and contribute to India's economy, which is poised to reach USD 4 trillion.
The Walmart Growth Summit serves as a platform to provide global market access to Indian manufacturers, facilitating partnerships and export opportunities. Walmart aims to expand its sourcing in various categories such as home goods, apparel, food, health, wellness, and toys, focusing on finding new suppliers to meet its sourcing target.
The summit also highlighted successful partnerships between Walmart and Indian suppliers, such as sourcing cruiser bicycles from Hero Ecotech and products from Mrs Bector's Food and Welspun. These collaborations underscore Walmart's efforts to leverage India's manufacturing capabilities and offer unique products to its customers worldwide.
Walmart's Senior Vice President, Supplier Development and Sourcing, Jason Fremstad emphasized the massive export opportunity from India and the company's ongoing efforts to identify new suppliers across different product categories. With over 100 merchants and sourcing experts participating in the summit, Walmart aims to accelerate its sourcing objectives and achieve its USD 10 billion target by 2027.
Walmart's engagement with India extends beyond sourcing goods, encompassing various sectors crucial to the country's economic landscape. Through its acquisition of Flipkart in 2018, Walmart secured a prominent position in India's e-commerce sector, tapping into Flipkart's extensive reach and connection with Indian consumers.
Additionally, the launch of Flipkart Wholesale in 2020 further strengthens Walmart's support for small businesses and traditional Kirana stores, facilitating direct sourcing from manufacturers and wholesalers. In the realm of financial services, Walmart's acquisition of PhonePe in 2018 increased its presence in digital payments and financial inclusion efforts, offering a range of services from online payments to investments. On the technological front, Walmart Global Tech India, based in Bangalore, drives innovation with thousands of engineers and developers working on cutting-edge solutions for Walmart's global operations.
Furthermore, Walmart's commitment to supporting local businesses is evident through initiatives like Flipkart Samarth, empowering Indian artisans to sell their products directly through Flipkart's marketplace. These multifaceted efforts underscore Walmart's holistic approach to engaging with India's economy and communities, aiming to foster growth, innovation, and inclusion.
In conclusion, Walmart's ambitious sourcing goals reflect its confidence in India's potential as a strategic partner in its global supply chain. By maintaining partnerships with Indian MSMEs and suppliers, Walmart aims to contribute to India's economic growth while delivering quality products to its customers worldwide.
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