Wal-Mart to increase sourcing from India; ramp up operations

Wal-Mart Stores, the world's largest retailer, will increase product sourcing from India for its global operations, making this country a major sourcing base over the next 4-5 years.

"We see India as a mega place for our worldwide sourcing. Indian products can be exported to other Asian countries, Europe and even the US," Scott Price, Wal-Mart Asia president and CEO, said.

Price was speaking at the opening of the second store in Chandigarh of Bharti-Walmart, the US retail giant's joint venture in India.

Scot said India has a variety of products to offer and, over the years, he expected the figure to increase manifold.

Wal-Mart, which is currently in the wholesale business with its joint venture partner Bharti, is hoping to secure farmers' support by making sure that it pays five to seven per cent more to the farmers than they used to get from middlemen.

With business not so bright in the United States, Wal-Mart is looking at Asia and India in particular, to expand operations. Its presence in Indian market is also part of its Asian growth strategy.