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New Delhi: Walmart has crossed the USD 30 billion milestone in sourcing goods from India in the last two decades, said Andrea Albright, executive vice president of sourcing at Walmart, on Tuesday. It has also accelerated progress towards its commitment to triple this figure to USD 10 billion annually by 2027.
Albright emphasized Walmart’s commitment to building an ecosystem and fostering relationships with both existing and new suppliers in India to ensure a diverse and reliable global supply chain.
The retail giant aims to support Micro, Small, and Medium Enterprises (MSMEs) and entrepreneurs in India through training initiatives, recognizing the country’s potential for economic growth.
Also, the Walmart Vriddhi initiative, which focuses on assisting MSMEs in modernizing and expanding their businesses, has trained 50,000 individuals, surpassing its initial target.
In a joint address, Walmart CEO Doug McMillon and Walmart International President and CEO Kathryn McLay highlighted India’s immense potential and pledged support to local MSMEs in achieving their aspirations. McLay said Walmart is “committed to helping grow India’s economy which is on track to hit USD 4 trillion this year”.
The company sees India as a strategic market due to its favorable ecosystem and infrastructure, aiming to source USD 10 billion in exports annually by 2027, making it the only market aside from the US with such a sourcing objective.
Walmart aims to provide global market access to Indian manufacturers, recognizing the demand for unique products globally. Partnerships with Indian companies like Hero Ecotech, Mrs Bector’s Food, and Welspun have already proven successful, the company said.
Walmart’s senior vice president, supplier development and sourcing, Jason Fremstad, emphasized the vast export opportunities from India and the company’s commitment to finding new suppliers in various categories to achieve its sourcing goal.
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