Arkansas: 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 as it continues to 'rise as a global hub of manufacturing'.
India is already among Walmart's top sourcing markets for products such as jewellery and homeware, with annual exports of about $3 billion.
Walmart's chief executive officer Doug McMillon said in a statement, "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."
The Bentonville, Arkansas-headquartered Walmart had acquired about 77% of Indian e-commerce firm Flipkart for roughly $16 billion in 2018, marketing the biggest deal for India's e-commerce sector where it competes with its US rival Amazon.com Inc's local unit.
Earlier this year, Bengaluru-based Flipkart bought the US retail giant's wholesale business in India.
Walmart said that its commitment to deeper sourcing from India includes helping to develop hundreds of new suppliers across categories such as pharmaceuticals, consumables, health and wellness, general merchandise, apparel and homeware.
India is already one of its top sourcing markets with annual exports worth around $3billion.
India-made products such as apparel, homeware, jewellery, and hardlines reach customers in 14 markets, including Canada, Mexico, Central America and the United Kingdom.
Walmart is confident that India has the potential to become one of the world's top five e-commerce markets.
Thursday's move builds upon its previous investment in the country.
In 2018, Walmart purchased stakes in an online retailer Flipkart for $16 billion in order to get a better foothold in the country.
McMillon noted that by 'significantly accelerating' annual India exports, Walmart will be able to help more local businesses of India reach international customers while also being able to create jobs and prosperity in India.