Walmart Targets $10 Billion Exports from India by 2027
03 June 2023: USA Retail Giant, Walmart is expanding its sourcing from India and plans to increase its exports from India to $10 billion by 2027 and is looking to source toys, shoes, and bicycles from Indian suppliers along with developing new suppliers in categories such as food, pharmaceuticals, consumables, health and apparel and home textiles.
“A majority of the Indian toy manufacturers are in the MSME Sector. Notably, around 97 percent of licenses granted to toy manufacturing units have been allocated to MSMEs by the government,” said Naveen Malpani, Partner and consumer sector leader at Grant Thornton Bharat
Global retailers like IKEA already source toys from India. Despite India being a net importer of toys until a few years ago, the move represents India’s rising strength in the toy industry. Officers from Department for Promotion of Industry and Internal Trade (DPIIT) brought Walmart and the toy association together.
Walmart announced in December 2020 that it would triple its exports from India to $10 billion annually by 2027, boosting micro, small, and medium businesses (MSMEs) in the country. President and CEO of Walmart Inc. Doug McMillon, visited India earlier in May and reaffirmed the company’s commitment. McMillon also reaffirmed the roadmap for building partnerships with Indian communities, expanding opportunities for Indian businesses and fostering transformational and innovative retail solutions.
