Walmart In India For Long Term, Says CEO McMillon
The president and CEO of the largest retailer in the world, Doug McMillon, reaffirmed Walmart Inc.'s dedication to India and the company's objective of sourcing USD 10 billion in goods from India annually by 2027. This entails creating an ecosystem of partners, suppliers, and small and medium-sized businesses.
McMillon is visiting India along with other top Walmart executives, including Judith McKenna, President and CEO of Walmart International. On Tuesday, they were in Bengaluru to evaluate the nation's supplier and grantee partners, as well as Walmart businesses Flipkart, Global Tech, and PhonePe.
Walmart has a long-term commitment to India, according to McMillon. "The future is bright for this nation."McMillon and McKenna met a variety of vendors, buyers, grantees, craftspeople, and MSMEs from several important India programmes and initiatives during a company event.
The Walmart Foundation, Walmart Marketplace, Walmart Sourcing, Walmart Vriddhi, Flipkart and Flipkart Samarth, PhonePe, and Walmart Global Tech in India are a few of these.
The Bentonville-based company (in Arkansas) is engaged in competition for control of the Indian online retail and financial services sector through Flipkart and PhonePe with US rival Amazon, Reliance's JioMart, and Tata-owned BigBasket.
By 2030, it is expected that the ecommerce market would reach USD 350 billion. In the upcoming years, the size of the Indian financial services market could reach USD 340 billion. By 2025, it is anticipated that India's retail market will have grown to over USD 1 trillion.
