Retail giant Walmart has set its sights on India for further growth, with plans to tap into the country’s supplier ecosystem. Walmart’s President and CEO, Doug McMillon, recently announced that the company aims to source $10 billion worth of India-made goods each year by 2027, with the support of the local supplier community.
McMillon emphasized the importance of building partnerships with Indian suppliers and partners, particularly small and medium enterprises (SMEs). To foster these relationships, he, along with Judith McKenna, President and CEO of Walmart International, engaged with merchants, grantees, artisans, and micro, small, and medium-sized enterprises (MSMEs) involved in key Indian programs and initiatives.
McKenna highlighted India’s potential as one of the world’s largest economies by 2030 and expressed Walmart’s commitment to being a partner in the country’s economic development. She praised the entrepreneurial spirit prevalent across India and emphasized that Walmart is proud to contribute to India’s growth story.
Walmart’s efforts to democratize e-commerce in India have yielded significant results. The company has focused on driving access, affordability, and customer satisfaction, resulting in numerous industry firsts and empowering generations of entrepreneurs, MSMEs, and job creation throughout the ecosystem.
The launch of Flipkart’s wholesale wing, backed by Walmart, demonstrates the company’s commitment to accelerating the growth of kiranas (mom-and-pop stores) and MSMEs in India. Walmart has also invested $200 million in the Indian fintech startup PhonePe, further underlining its commitment to the Indian market.
With its investments and strategic initiatives, Walmart expects India to become its largest international market, surpassing China. The country’s retail trading sector has already attracted significant foreign direct investment (FDI), amounting to $4.29 billion between April 2000 and September 2022, according to the India Brand Equity Foundation Report. Moreover, the future looks promising for India’s retail sector, with approximately 60 shopping malls, encompassing a total retail space of 23.25 million square feet, expected to become operational during 2023-2025.
As Walmart deepens its engagement with India’s supplier ecosystem and fosters partnerships with local businesses, it aims to contribute to India’s economic growth, strengthen local communities, and empower customers, sellers, suppliers, and farmers. The company’s ambitious goals align with India’s aspirations, and the retail giant is poised to play a pivotal role in India’s journey towards becoming a global economic powerhouse.