Walmart has sourced goods worth over USD 30 billion from the Indian market in the last two decades for its global operations, a company official said on Tuesday. Now the Bentonville-headquartered firm has a goal to triple its sourcing of goods from India up to worth USD 10 billion per year by 2027, said Walmart Inc Executive Vice President, Sourcing Andrea Albright.
Walmart is encouraging MSMEs (Micro, Small and Medium Enterprises) and entrepreneurs with proper training and believes that there is a tremendous opportunity to continue to contribute to India’s growing economy, she said.
The company has been doing business in India for the last 25 years, Albright said.
“We have already sourced more than USD 30 billion in products from India,” she said speaking at the Walmart Growth Summit.
The company is building an ecosystem and taking a people-led approach to connect its work across the country.
“Investing in high growth markets like India helps us strengthen our relationships with established suppliers, but also developing relationships with new ones to build long-term surety and diversity and global supply,” she added.Under its Walmart Vriddhi initiative, which is designed to support MSMEs in modernising, expanding, and reaching their domestic ambitions, the company has trained 50,000 people so far, Albright added.
“That is an amazing achievement. We have hit this goal early,” she said, adding, “Our focus is to recruit and train new suppliers to fulfil our purchase orders around the world. These orders often lead to the creation of new jobs. It also allows our suppliers to invest back in their local communities.” Source: PTI