New Delhi: Doug McMillon, the Chairman and Chief Executive Officer (CEO) of Walmart Inc., believes that India is one of the most exciting retail markets in the world. He said the country's retail market has its uniqueness and it will grow to $1,000 billion by 2025.
Addressing the Converge@Walmart event, McMillon said on Wednesday that given the diversity of the Indian market, the company has to "think locally and implement at the local level".
He said, "India is such a diverse market, that in many ways it is not a single country. In that case, we have to think locally and implement locally, which has its own rules. In such a situation, we have to follow these rules."
McMillon said Walmart is not yet allowed to invest in foreign direct investment in multi-brand retail. In such a situation, the company is operating in a different way.
The top executive of Walmart mentioned that India is one of its three major markets with the United States of America and China.
Converge@Walmart program is the flagship program of Walmart Global Tech India. McMillon said Walmart's e-commerce arm Flipkart and digital payments company PhonePe are both growing rapidly, and that the figures of these companies are encouraging.
He said Flipkart now has more than three million marketplace vendors on the platform. At the same time, the number of users of PhonePe has exceeded the 30-crore mark. Flipkart is the leading rival of US e-commerce giant Amazon in the Indian market.