Indian market to grow to $1 trn by 2025: Walmart CEO

27 Aug '21

2 min read

Pic: Shutterstock

The Indian retail segment has its own uniqueness and the country is one of the most exciting markets globally that is poised to grow to over $1 trillion by 2025, according to Walmart president and chief executive officer Doug McMillon, who recently said given the diversity of the Indian market, the company has to ‘think local and execute locally’.

Speaking at the Converge@Walmart event, McMillon noted that "India is such a diverse market; it's not one country in some ways and so we have to think local and execute locally, and it has its own rules, and so, we've got to comply with those rules," he said.

Converge@Walmart is the flagship event of Walmart Global Tech India.

The company at present is not allowed to make foreign direct investment in multi-brand retail and therefore, it operates in a different way, he said.

"I do think we have seen and will see generation skipping in India, which will be exciting and some of that learnings, we will bring back to other markets that we have," he was quoted as saying by a news agency.

The top executive highlighted that India is one of the top three markets, along with the US and China.

He pointed out that Walmart's e-commerce unit Flipkart and digital payment firm PhonePe are both growing very well and have an ‘amazing number’ of users.

"We are really excited about Flipkart and PhonePe leadership teams and our associates there and the businesses that are being built. The Flipkart business now has reached over 300,000 marketplace sellers, and the PhonePe business has more than 300 million users, which is just an amazing number and both are growing very well...," McMillon added.

Fibre2Fashion News Desk (DS)

More Wal-Mart News... More E-commerce News - India...