In a ground breaking deal for Indian farmers, one of the biggest multi retail corporation Walmart Foundation announced on Thursday that it will invest ₹180 crore in India. This will be laid out as a five year plan to improve farmers livelihood.
According to the statement issued to The Hindu the deal will help support farmers and develop their knowledge of sustainable farming practices, share business best practices, add value to primary agricultural commodities and improve access to finance. Direct sourcing of Walmart from farmers will be increased to 25% of products which are sold in their Cash & Carry outlets. Further, they also said that they will reach out to local farmer producer organisation in every state where they have their stores.
Looking at the current statistics of Walmart, it sources 95% of the goods sold in its Cash & Carry stores in India from local companies. Apart from this they also offer access to technical assistance and training programs to improve farming efficiency, the statement said. “The Walmart Foundation broadens this effort to address more systemic barriers that prevent farmers from increasing their productivity and market access.”
The deal also brings in the recently granted grant of close to $2 million to support International Crops Research Institute for the Semi-Arid Tropics. This will help the smallholders garner more income.