Walmart hopes its initiative would also improve the country’s food security and boost the overall economy.
Walmart hopes its initiative would also improve India's food security and boost the overall economy. (Photo: iStock)
In keeping with the Indian government’s ambitious goal of doubling Indian farmers’ income by 2022 and to improve their livelihood, global retail giant Walmart on Thursday said it will invest Rs 181 crore till 2023.
“Walmart Foundation will invest $25 million to improve farmer livelihoods over the next five years, working beyond our Indian arm’s supply chain,” said Walmart India in a statement in Bengaluru.
The US-based retail firm would also increase its direct sourcing from farmers to 25 per cent of the produce sold in its Cash and Carry stores till 2023.
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“Smallholder farmers are the backbone of the Indian economy, with over 50 per cent of the workforce employed in the sector,” said the statement.
As the Indian government has set an ambitious goal of doubling farmers’ income by 2022, Walmart hopes its initiative would also improve the country’s food security and boost the overall economy.
The move will expand the company’s efforts to develop farmers’ organisations to help raise rural incomes.
“The fund will be used to support farmer organisations in developing knowledge of sustainable farming practices, share business best practices, add value to primary agricultural commodities and improve access to finance and markets,” said the statement.
(With agency inputs)
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