Walmart India announces massive investment to boost farmers' income

Global retail giant Walmart on Thursday announced an investment of Rs 181 crore till 2023 to improve livelihood of Indian farmers.

The new funding will expand the company's efforts to develop farmers' organisations to help raise rural incomes. (Image: AFP)

Bengaluru: With an aim to aid government’s ambitious goal of doubling farmers’ income by 2022, global retail giant Walmart on Thursday announced an investment of Rs 181 crore till 2023 to improve livelihood of Indian farmers. The multinational conglomerate in its statement said that the Walmart Foundation will invest $25 million to improve farmer livelihoods over the next five years, working beyond our Indian arm's supply chain. “Smallholder farmers are the backbone of the Indian economy, with over 50 per cent of the workforce employed in the sector,” the statement read further. The retail giant further mentioned that it also plans to boost its direct sourcing from farmers to 25 per cent of produce sold at its Cash and Carry stores in the country by 2023. With Indian government announcing various initiatives to uplift farmers’ income by 2022, the American retailer believes that the programme will also enhance country’s food security and strengthen the overall economy. The new funding 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,” noted the statement. Walmart aims to work in sync with non-government organizations (NGOs) in order to support farmer producer group, develop best agricultural practices and demonstration sites across the country. Company’s aim is to empower the farmer organisations and connect them to a nationwide farmer-support network. Recently, the top management of Walmart met Uttar Pradesh chief minister Yogi Adityanath to discuss on various investment plans the company has in the state. During the meeting, Adityanath spoke about focussing on agriculture sourcing, food processing industry, One District One Product (ODOP) to support local traditional art forms, reported PTI. Walmart executive present at the meeting briefed the CM about the potential employment opportunities the new ventures will create. The company plans to launch its 'Best Prices' stores in the state including Lucknow, Kanpur, Gorakhpur Varanasi and Ghaziabad.