Image source: Walmart
NEW DELHI (Reuters) – Walmart Inc on Thursday said it will triple its exports of India-made goods to $10 billion each year by 2027 in a move that will help expand the global reach of goods from the South Asian nation.
India is already among Walmart’s top sourcing markets for products such as jewelry and homeware, with annual exports of about $3 billion.
“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,” Walmart’s chief executive officer Doug McMillon said in a statement.
Bentonville, Arkansas-headquartered Walmart acquired about 77% of Indian e-commerce firm Flipkart for roughly $16 billion in 2018, marking the biggest deal for India’s e-commerce sector where it competes with its U.S. rival Amazon.com Inc’s local unit.
Earlier this year, Bengaluru-based Flipkart bought the U.S. retail giant’s wholesale business in India.
On Thursday, Walmart said its commitment to deeper sourcing from India will include helping develop hundreds of new suppliers across categories such as food, pharmaceuticals, consumables and apparel.
Reporting by Sankalp Phartiyal; Editing by Mark Potter.