Walmart To Triple Indian Exports To $10 Billion By 2027: Doug McMillon
Walmart U.S. chief executive Doug McMillon, on Thursday, said the company plans to triple its exports to India to $ 10 billion (or about Rs 7,364 crore) by 2027. Currently, the company’s annual shipping from India costs $ 3 billion.
While Walmart rival Amazon has also said it will use its global footprint to export $ 10 billion worth of Indian products by 2025.
In early July, Amazon said it had already shipped $ 2 billion worth of goods to India and the last billion were done in less than 18 months.
The Walmart initiative will likely help MSMEs (small, medium, and micro enterprises) increase their business performance and customer reach.
Expanding access to assistance will help build new providers through categories such as food, medicine, diet, health, wellness, and general retail and clothing, homeware, and other important Indian export categories, the company said.
Walmart currently exports clothing made in India, homeware, and jewelry to 14 international markets, including, the USA, Central America, United Kingdom, Canada, and Mexico, through Walmart’s international inspection office in Bangalore.
The largest American company Walmart, which bought Flipkart’s share of 77% in 2018 for $ 16 billion, now wants to speed up exports to India by tightening the supply chain in India.
“As an international retailer that brings value to consumers and communities around the world, Walmart recognizes that local businesses and manufacturers are critical to the success of the global retail sector. We also see great potential for Indian suppliers to grow their businesses through the unique scale and global distribution opportunity offered by Walmart, ”said Doug McMillon, President and Chief Executive Officer, Walmart.
Read also: CII And Amazon Partners To Design Special Export Module For MSMEs
“And it’s Walmart’s way of delivering high-quality goods, made in India to millions of customers worldwide,” he added.
India is one of Walmart’s top markets. It has been importing goods from India for more than 20 years.
Earlier this week, Startup News reported that Walmart was preparing Flipkart’s $ 10 billion IPO in the USA, aiming to sell about 25% of its shares to a Bengaluru-based trading company.
CII and Amazon have also partnered to enable MSMEs to export their products made in India in an easy way.
According to a BCG report, India’s retail industry is one of the fastest-growing areas in the world. It currently stands at $ 850 billion and is expected to reach $ 1.1-1.3 trillion by 2025, growing at a CAGR (annual growth rate) of 9-11%.
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