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Last Updated : Feb 06, 2019 05:35 PM IST | Source: Moneycontrol.com

Walmart India to open 5-7 stores in 2019, says CEO Krish Iyer

The company will be able to achieve its target of opening 50 stores by 2020

Himadri Buch @himadribuch

Himadri Buch

Moneycontrol News

Global retail giant Walmart is looking to open 5-7 stores in India this year as it seeks to ramp up operations in the cash and carry segment, said Krish Iyer, President and Chief Executive Officer, Walmart India.

Expecting double digit growth in omni-channel, Iyer said, “We will continue to invest opening more stores in the country. Last year we opened two and this year we are planning to open 5-7 more stores.”

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Speaking on the sidelines India Food Forum 2019 event held in Mumbai, Iyer pointed out that the company will be able to achieve its target of opening 50 stores by 2020. Currently, Walmart has 22 stores across the country.

Views on Budget

On the Union Budget that was presented on Feb 1, Iyer said it focused on three aspects  - growing consumption, putting more money in the hands of middle class and farmers’ package for their welfare.

“Growing consumption is the key for driving GDP growth, job creation, and making economy much more vibrant. Every single aspect will be taken care if consumption grows,” Iyer said adding that overall, he was satisfied with the budget presented by the Finance Minister.

Direct sourcing

When asked if the company does direct sourcing from farmers, Iyer said, “We do direct sourcing but not on a large scale. We teach them techniques of farming so the crop is grown well and helps them grow their (farmer’s) income.”

“This bodes well with PM’s (Modi’s) program of doubling farmer’s income. Other important point is whatever they grow, farmer must get better realisation. So, there is complete transparency in terms of pricing, in terms of payment, timeliness of payment. So this experience of direct sourcing has been good so far,” he added.

On February 1, Finance Minister Piyush Goyal announced a relief package of Rs 75,000 crore under a new scheme PM Kisaan Samman Nidhi for distressed farmers who have seen their incomes stagnate because of plunging prices, barely enough to pay for loans and input costs.

As part of the package, that includes an income support scheme, the government will transfer a sum of Rs 6,000 per year to farmers who own up to two hectares of land.

The scheme will be applicable from December 1, 2018, and will benefit 12 crore farmers. Further, Goyal also announced a move that will benefit farmers across India. He announced 2.5 percent interest subventions for farmers struck by natural calamities.

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First Published on Feb 6, 2019 01:26 pm
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