The global retail giant Walmart is geared up to boost its exports from India, aspiring to reach an annual revenue of USD 10 billion by 2027, according to the news agency PTI.
It’s been reported that the organisation is seeking to source toys, shoes, and bicycles from Indian suppliers. Also, Walmart intends to establish new suppliers among various segments, including food, pharmaceuticals, consumables, health and wellness, apparel, and home textiles.
As per the report, Walmart officials recently conducted a virtual meeting with domestic toy manufacturers, outlining their requirements and quality standards.
This direct engagement with local toy makers signifies India’s growing strength in the toy industry, a significant shift from its previous status as a net toy importer.
Global retailers like IKEA have already tapped into India’s toy market for their international operations, the report said.
The collaboration between Walmart and the toy association was facilitated by the department for promotion of industry and internal trade (DPIIT), as mentioned in the PTI report.
A spokesperson from Walmart confirmed the company’s intentions to expand its sourcing from India, with a focus on current suppliers and the development of new ones.
In addition to toys, Walmart is also discovering opportunities in shoes and bicycles, recognising the capability of these product segments.
The PTI report highlights Walmart’s intention to utilise India’s manufacturing capabilities, aiming to strengthen its supply chain and capitalise on the country’s expertise across various industries.
By forging closer ties with Indian suppliers, Walmart seeks to solidify its position as a major player in the global retail market.