Winning Bizness Desk
Mumbai. Indian goods have started expanding its footprint in the international market as almost big companies of the world are sourcing goods from India. Walmart is preparing to buy goods on a large scale from India. Notably, the Walmart is the largest company in the world by revenue and this US retail giant is looking to buy toys, shoes and cycles from Indian suppliers. The company aims to increase its exports from India to $10 billion by 2027. A Walmart spokesperson said the company is looking to create new suppliers in categories such as food, pharmaceuticals, health and wellness and apparel. Walmart is headquartered in Bentonville, Arkansas. Company officials have held meetings with various domestic toy manufacturers here.
Looking to create new suppliers
The company is also looking to create new suppliers in categories such as food, pharmaceuticals, medicine, apparel, etc. Global retail giants like Ikea are already sourcing toys from India for their international markets. The company briefs the toy manufacturers about its requirements and expected quality standards as it is in direct contact with domestic toy manufacturers for procurement. The spokesman said that the Department for Promotion of Industry and Internal Trade (DPIIT) has played a role in realizing this. The officials of the department have done the work of bringing together Walmart and the Toy Union.
Purpose is to promote the domestic toy industry
India exported toys worth Rs 1017 crore during April-December, 2022-23. Earlier in 2021-22, toys worth Rs 2601 crore were exported from the country. In April-December 2013-14, toys worth Rs 167 crore were exported from the country. In 2021-22, there was a 70 per cent decline in the export of toys in the country and only Rs 870 crore worth of toys were imported during this period. In February 2020, the government had increased the import duty on toys from 20 per cent to 60 per cent and this year it has been increased to 70 per cent. Its purpose is to promote the domestic toy industry.
