Walmart CEO Meets Indian PM to Boost Exports and Manufacturing to $10 Billion Annually by 2027

Read about the meeting between Walmart's CEO and Indian Prime Minister to discuss plans for increasing India's annual exports to $10 billion. Cisco's announcement of manufacturing in India is also highlighted, emphasizing India's growing prominence as a global trade destination.

May 12, 2023 - 07:07
May 12, 2023 - 07:07
Walmart CEO Meets Indian PM to Boost Exports and Manufacturing to $10 Billion Annually by 2027

In a significant development for international trade, the CEO of global retail giant Walmart, Doug McMillon, recently held a meeting with Prime Minister Narendra Modi to discuss strategies for increasing India's annual exports to $10 billion by 2027. McMillon praised India's unique ecosystem of suppliers and expressed confidence that it would play a pivotal role in achieving Walmart's ambitious goal of exporting goods worth $10 billion annually from India. 

During his visit to India, McMillon emphasized Walmart's commitment to strengthening partnerships with Indian communities, expanding opportunities for local businesses, and driving transformative and innovative solutions in the retail sector. He interacted with a diverse group of stakeholders, including suppliers, merchants, grantees, artisans, and micro, small, and medium enterprises (MSMEs), associated with key India programs and initiatives such as Walmart Sourcing, Walmart Vriddhi, Flipkart and Flipkart Samarth, PhonePe, Walmart Marketplace, Walmart Global Tech in India, and the Walmart Foundation. 

The meeting between Walmart's CEO and Prime Minister Modi comes at a time when international trade is of paramount importance for economic growth and stability. By setting an ambitious target of $10 billion in annual exports from India, Walmart aims to contribute significantly to India's export potential and boost the country's economy. This collaboration will not only create numerous job opportunities but also foster technological advancements and promote the development of local industries. 

Furthermore, another global leader, Cisco, announced its plans to commence manufacturing in India during a meeting between Cisco Chairman and CEO Chuck Robbins and Prime Minister Narendra Modi. Cisco has been operating in India for the past 27 years and currently boasts the second-largest research and development (R&D) base in the country. 

During his visit, Robbins engaged in strategic discussions with prominent Indian figures, including Dr. S. Jaishankar, the External Affairs Minister; Rajeev Chandrasekhar, the Union Minister of State for Entrepreneurship, Skill Development, Electronics & Technology; B.V.R. Subrahmanyam, the CEO of NITI Aayog; and K. Rajaraman, the Telecom Secretary. Robbins expressed the company's commitment to India by announcing plans to establish a new manufacturing unit in Tamil Nadu, aiming to achieve $1 billion worth of domestic production and exports in the coming years. 

This move by Cisco aligns with India's goal of becoming a global manufacturing hub, bolstering its economy and promoting self-reliance. The establishment of a manufacturing unit in Tamil Nadu will not only enhance domestic production capabilities but also drive employment opportunities and foster technological innovation in the region. 

The strategic engagements between Walmart and Cisco with key Indian stakeholders, as well as their commitment to boosting exports and manufacturing in India, underline the growing significance of the country as a preferred destination for global businesses. These developments showcase India's potential to emerge as a key player in the international trade arena, further strengthening its position as a vibrant and dynamic economy. 

With collaborative efforts from companies like Walmart and Cisco, combined with the proactive support of the Indian government, the nation is poised to unlock new opportunities, drive economic growth, and establish itself as a global powerhouse in the realm of trade and commerce. The meeting between Walmart's CEO and Prime Minister Modi marks a pivotal moment in this journey towards a prosperous and mutually beneficial partnership.

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