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Walmart and Flipkart announce MoU with NSIC to help MSMEs unlock their export potential

Posted On : 2022-12-06 22:19:06( TIMEZONE : IST )

Walmart and Flipkart announce MoU with NSIC to help MSMEs unlock their export potential

Walmart and Flipkart today announced the signing of a Memorandum of Understanding (MoU) with the National Small Industries Corporation (NSIC) to jointly accelerate capacity building for micro, small and medium enterprises (MSMEs) across India. The partnership is also aimed at supporting MSMEs in their journey towards becoming a part of retail supply chains, locally and globally. The MoU was signed at the Walmart Vriddhi Seller Summit in New Delhi, an event marking the milestone of 20,000 MSMEs having completed their training under the Walmart Vriddhi Supplier Development Program (Walmart Vriddhi), of which, Swasti is a program partner. The event was attended by Shri Narayan Rane, Honorable Union Minister for Micro, Small and Medium Enterprises, Government of India, and Shri Gaurang Dixit, Chairman-Cum-Managing Director, National Small Industries Corporation (NSIC).

The partnership with NSIC will enable a greater number of small businesses and entrepreneurs across India to access the Vriddhi program, which offers a complete learning platform with training provided free of cost, along with access to expert assistance required to grow and expand their businesses. The Vriddhi program also includes training, seminars and mentoring sessions conducted regularly for MSMEs. Tens of thousands of MSMEs have registered for the program from metros and Tier II and III cities across India, and over 20,000 MSMEs have completed the program successfully. The partnership will enhance access for participating MSMEs to schemes offered by the NSIC while making learning resources of Vriddhi available to MSMEs registered with the NSIC.

Shri Narayan Rane, the Honorable Minister of Micro, Small and Medium Enterprises of India, said, "I'm glad to see that Walmart's Vriddhi program has enabled a large number of Indian MSMEs to expand, boost their production, and experience growth. Walmart has been instrumental in enabling MSMEs with training and capacity building, especially through the pandemic. The Indian MSME sector currently comprises of 6.3 crore MSMEs that employ more than 11 crore people. We look forward to Walmart's continued support to the growing MSME sector in the country."

Shri Gaurang Dixit, Chairman-Cum-Managing Director, at NSIC, said, "NSIC is committed to the growth and development of a robust MSME sector in India. We look forward to working with Walmart Vriddhi to help MSMEs under the program get access to our schemes and make the learning resources of Vriddhi available to MSMEs under NSIC. Through this partnership, MSMEs across the country can get the necessary support required to further expand their businesses nationally and across the globe."

Jason Fremstad, Senior Vice President, Supplier Development, at Walmart, said, "Walmart is deeply proud to announce the graduation of over 20,000 MSMEs from the Vriddhi program today. We are delighted to play a role in catalyzing the entrepreneurial spirit in India and supporting the growth ambitions of small business owners with this program. With our ongoing commitment to triple exports from India by 2027 to $10 billion annually, we look forward to supporting more small businesses in their efforts by providing potential access to online and offline markets in India and globally."

Rajneesh Kumar, Chief Corporate Affairs Officer, Flipkart Group, said, "As a homegrown company, we are passionate about the growth of Indian MSMEs and building an enabling and inclusive e-commerce ecosystem. We are excited and committed to be part of India's economic growth story by helping millions of local businesses adopt e-commerce via Walmart Vriddhi and Flipkart's marketplace. Technology and innovation will play a critical role in the growth of small businesses in India. With that mission, our efforts are focused on helping them digitize their business and explore growth opportunities through e-commerce. We are delighted to continue to deepen our engagement with NSIC through this MoU and expand opportunities to small businesses, artisans, weavers across India."

Many local homegrown brands have already benefited from training provided by the Vriddhi program.

- Graamya has started selling on the Flipkart marketplace to reach newer markets for its spices. Grammya also exports to the US, Switzerland, and the UK and are also focusing on Indian cloud kitchen businesses operating overseas.

- Akhil Marketing expanded and created a separate office space for e-commerce. Today, Akhil Marketing's online sales contribute to 30%, which they are working to ramp up to 50%.

- Shri Balaji Online Store, which manufactures sofa covers, chenille sofa fabrics, and tissue curtains, found Vriddhi to be a critical lifeline through the pandemic. eCommerce helped them grow sales from 0% to 45%-50%.

Source : Equity Bulls


Walmart Flipkart MoU NSIC MSME