U.S retail giant Walmart Inc. has reportedly announced that it is planning to triple its exports of made in India goods to USD 10 billion each year by 2027. The company’s decision is in line with its aim to expand the global reach of goods from South Asian nations.
Sources cite that India is already among Walmart Inc.’s top sourcing markets for products like homeware and jewelry, with yearly exports of around USD 3 billion. The company’s commitment to deeper sources from India will assist hundreds of new suppliers across categories like pharmaceutics, food, apparel, and consumables.
Doug McMillon, CEO at Walmart said in the statement that by substantially boosting annual exports from India, the company is supporting the Make in India initiative and helping more regional businesses reach international customers while developing jobs and prosperity in Indian homes.
In 2018, the company acquired around 77% stakes Indian e-commerce giant Flipkart for USD 16 billion, marking the greatest deal for the nation’s e-commerce business where it competes with Amazon India. Bengaluru-based Flipkart bought the American retail giant’s wholesale business in India.
Over the past few months, it seems that the US retail giant is deepening its ties with India. The company recently invested USD 700 million in a digital payment firm PhonePe. PhonePe, which announced a spin-off from parent company Flipkart with this investment, currently has a maximum mobile payment market share in India.
With partial spin-off, Flipkart’s stake in the company will decrease to 87%. The deal provides PhonePe with fresh funding, which it is planning to use for fulfilling the company’s vision of offering financial inclusion services to billions of Indians. However, the two firms will still retain their close partnership. In October, the firm recorded 835 million UPI transactions compared to Google Pay’s 820 million transactions.