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Walmart sourced goods worth over $30 billion from India in last two decades

Economic Times

Economic Times · 1y ago

Walmart sourced goods worth over $30 billion from India in last two decades

Walmart has sourced goods worth over $30 billion from India in the last 20 years, and now plans to triple its sourcing to $10 billion per year by 2027. The company is focused on supporting Micro, Small and Medium Enterprises (MSMEs) in India through its Walmart Vriddhi initiative, which aims to modernize and expand Indian businesses. Walmart has already trained 50,000 individuals under this initiative. The company sees immense potential in the Indian market and aims to strengthen its relationships with suppliers while contributing to India's growing economy.

Related News

Working with suppliers to achieve target of $10B sourcing from India: Walmart CEO

YourStory

YourStory · 1m ago

Working with suppliers to achieve target of $10B sourcing from India: Walmart CEO

Walmart aims to reach a $10 billion sourcing goal from India by 2027, focusing on categories like apparel, food, and toys. The company has made significant progress in sourcing with increased collaboration with Indian suppliers. During his India visit, Walmart CEO Doug McMillon emphasized the growth of their ecommerce platforms Flipkart and PhonePe, and highlighted Walmart Vriddhi’s role in empowering MSMEs. Walmart has sourced goods worth over $30 billion from India in the past two decades.

What is driving Walmart's shift from China towards India for imports?

Livemint

Livemint · 1y ago

What is driving Walmart's shift from China towards India for imports?

Multinational retail corporation Walmart is reducing its reliance on Chinese supply chains and increasing imports from India. Between January and August 2023, Walmart imported 25% of its US imports from India, up from just 2% in 2018. Growing geopolitical tensions and cost factors are driving Walmart to shift supply chains from China to countries like India, Thailand, and Vietnam. Walmart aims to import $10 billion worth of goods annually from India by 2027 and is currently sourcing products ranging from toys to pharmaceuticals from the country.

India Proposes Retaliatory Tariffs on Select US Goods to Counter US Tariff on Steel, Aluminium

OutlookIndia

OutlookIndia · 2m ago

India Proposes Retaliatory Tariffs on Select US Goods to Counter US Tariff on Steel, Aluminium

India plans to impose retaliatory tariffs on certain U.S. goods in response to the U.S. levying duties on Indian steel and aluminum. The U.S. imposed a 25% tariff on Indian imports, potentially collecting $1.9 billion over $7.6 billion worth of goods. India notified the World Trade Organization about its intention to counter these measures, which were initiated under the Trump administration. The U.S. justifies these tariffs on national security grounds, complicating ongoing trade negotiations between the two nations.

Walmart sources bicycles from India, partners Hero Ecotech

Economic Times

Economic Times · 1y ago

Walmart sources bicycles from India, partners Hero Ecotech

Retail giant Walmart has partnered with Hero Ecotech in a strategic alliance to source bicycles from India. The first batch of India-made bicycles will be available in select Walmart stores in the US, just in time for the holiday season. This move is in line with Walmart's commitment to triple exports from India to $10 billion annually by 2027. The bicycles, carrying the Concord brand, are cruiser-style bikes designed by Hero Ecotech and made with more than 90% raw materials sourced from India.

IKEA plans to enhance sourcing from India to 50%: Swedish minister

Economic Times

Economic Times · 1m ago

IKEA plans to enhance sourcing from India to 50%: Swedish minister

IKEA aims to boost its sourcing from India to 50% for global operations, up from the current 30%, according to Swedish trade minister Benjamin Dousa. The company has sourced from India for decades and began local retail operations in 2018. India’s ambition to enhance manufacturing's GDP share aligns with IKEA’s plans, which include expanding its sourcing of textiles, plastics, and metals. IKEA currently sources significantly from Europe, followed by America and China.

Walmart To Host Growth Summit To Partner With Indian Suppliers For Exports

OutlookIndia

OutlookIndia · 1y ago

Walmart To Host Growth Summit To Partner With Indian Suppliers For Exports

Walmart is organizing its first Growth Summit in India to boost exports and support the Make in India initiative. The event, happening in February 2024, aims to connect Indian suppliers with Walmart buyers from the United States. The company is committed to annually source $10 billion of goods from India by 2027, and this event will help identify export-ready suppliers in categories like food, consumables, apparel, and more. Walmart's efforts align with its goals of expanding its presence in India and developing the country's supply chain.

Walmart’s exports from India on the rise as it looks to reduce reliance on China

Inc42 · 1y ago

Walmart’s exports from India on the rise as it looks to reduce reliance on China

Global retail giant Walmart, which owns Flipkart and PhonePe, is increasing its imports from India as it aims to reduce dependence on China and diversify its supply chain. Walmart's imports in the US from India rose to around 25% between January and August this year, up from 2% in 2018. While China still accounted for 60% of Walmart's imports during the same period, it marked a decline from 80% in 2018. Walmart is exporting goods such as toys, electronics, bicycles, and pharmaceuticals to the US from India. Amazon, Walmart's rival, aims to increase exports from India to $20 billion.

Apax Partners Eyeing To Scale Up Its India Investments With New Team

Inc42 · 1y ago

Apax Partners Eyeing To Scale Up Its India Investments With New Team

London-based private equity firm Apax Partners is planning to increase its investments in India across pharmaceuticals, consumer, and consumer derivative markets. The firm has invested approximately $3.5 billion in India over the past two decades and has recently built a team dedicated to scouting buyout opportunities in the country. Apax aims to acquire controlling stakes in Indian companies and is open to partnerships with founders and management teams. The firm's focus is on sectors such as pharma, consumer goods, consumer derivatives, and tech services. Apax has allocated 7-10% of its global fund to India.

Flipkart’s UPI Hits Record 5 Mn Transactions In March

Inc42 · 1y ago

Flipkart’s UPI Hits Record 5 Mn Transactions In March

In March, Google Pay and PhonePe, two of the leading UPI transaction platforms in India, processed 5 billion transactions worth INR 7 lakh crore and 6.5 billion transactions worth INR 10 lakh crore respectively. Flipkart, backed by Walmart, saw 5 million UPI transactions worth INR 197.24 crore in its first month of launching UPI services. Flipkart's UPI transactions were higher than those of Jio Payments Bank apps and other banking apps, according to NPCI data. The total UPI transactions volume for March was around 13 billion. Google Pay, PhonePe, Paytm, CRED, and Amazon Pay continue to dominate the UPI landscape.

Why consumer firms are lagging benchmark indexes in India's sizzling stock market

VCCircle

VCCircle · 1y ago

Why consumer firms are lagging benchmark indexes in India's sizzling stock market

Consumer stocks in India's booming economy are underperforming benchmark stock indexes. Despite double-digit gains, consumer firms selling everyday goods are struggling due to low income growth and volatile inflation impacting demand. Meanwhile, luxury goods are selling well. Private consumption, which contributes to 60% of economic growth, is expected to grow at the slowest rate in two decades. The wealth gap is also widening in India, with the richest 1% accumulating the highest concentration of wealth in six decades. This trend suggests that the premium segment, which sells high-end products, is experiencing growth while the broader consumer sector remains weak.

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