Walmart says the funds will be used in developing knowledge pertaining to sustainable farming practices, business practices, and access to finance and markets.
American multinational retail corporation Walmart has announced the foundation will invest over ₹180 crore ($25 million) in Indian agricultural sector to support sustainable livelihood for Indian farmers over the next five years.
The announced funds will be primarily utilised in developing knowledge pertaining to sustainable farming practices, business practices, and access to finance and markets.
The company would further increase its direct sourcing from farmers to 25% of the produce sold in its retailing stores.
“The Walmart Foundation broadens this effort to address more systemic barriers that prevent farmers from increasing their productivity and market access,” the company stated.
As of January 31, 2018, Walmart has 11,718 stores and clubs in 28 countries, operating under 59 different names.
The company operates under the name Walmart in the United States and Canada, as Asda in the United Kingdom, and as Best Price in India.
According to Fortune Global 500 list in 2018, Walmart is the world’s largest company by revenue with over US$500 billion.
The company is also the largest private employer in the world with 2.3 million employees.
