Walmart planning to source bicycles, shoes and toys from India, aims to export goods worth USD 10 billion
By MYBRANDBOOK
The retail giant, Walmart is aiming to source toys, shoes and bicycles from Indian suppliers and increase its exports from India to USD 10 billion annually by 2027.
A company spokesperson said to a news source that the company is looking forward to develop new suppliers in categories such as food, pharmaceuticals, consumables, health and wellness, and apparel and home textiles.
Recently, the company organized a virtual meeting with many Indian toy manufacturers. The company informed toy makers about their requirements and expected quality standards as it is directly engaging with the domestic toy makers for sourcing.
Global retailers like IKEA are already delivering toys from India for their international operations.
This highlights the growing potential of the Indian toy industry, especially since India was a net importer of toys until a few years ago.
Confirming the development, a company spokesperson said: "Walmart's growth in sourcing from India includes expanding working with existing suppliers and helping develop new suppliers in categories such as food, pharmaceuticals, consumables, health and wellness along with apparel and home textiles. We are also exploring opportunities in toys, shoes, and bicycles.".
In December 2020, Walmart committed to triple its exports of goods from India to USD 10 billion each year by 2027, providing a significant boost to micro-, small- and medium-sized enterprises (MSMEs) here.
"The expansion in sourcing will include helping develop hundreds of new suppliers in categories such as food, pharmaceuticals, consumables, health & wellness and general merchandise, along with apparel, homeware and other key Indian export categories," it had said.
Early this month, President and CEO of Walmart Inc, during his visit to India, reiterated its commitment and said that India’s supplier ecosystem will help the company to reach its goal of exporting goods worth USD 10 billion from the country annually by 2027.
Addressing Indian suppliers, Doug McMillon has reaffirmed the roadmap for strengthening partnerships with Indian communities, expanding opportunities for Indian businesses and fostering transformative and innovative solutions for retail from India to the world.
McMillon had also met Prime Minister Narendra Modi and tweeted, "Thank you Prime Minister @narendramodi for a great conversation. We are working toward exporting USD 10B per year from India by 2027 and are committed to strengthening logistics, skill development & supply chains to make India a global export leader in toys, seafood & other goods.".
"The visit with Prime Minister @narendramodi reinforces the shared value we bring working alongside India. Together, we'll continue to support the country's manufacturing growth and create opportunity," McMillon was quoted as saying in a tweet by Walmart Inc.
Many steps are being taken by the Department for Promotion of Industry and Internal Trade (DPIIT) to promote domestic manufacturing of toys, helping Indian manufacturers to collaborate with global business to meet their compliance provisions and increase exports from India.
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