Walmart Foundation To Invest $25m To Support Indian Farmers
Walmart India and the Walmart Foundation have announced plans to support farmers in India.
The Walmart Foundation has pledged to invest $25 million (€21.4 million), over a five year period, to create awareness about sustainable farming practices and improve the livelihoods of farmers.
In collaboration with local, non-government organisations, the foundation will work with groups of farmers to develop best practices and demonstration sites, which can be replicated across the country.
The move will empower multiple farmer organisations and connect them to a nationwide farmer-support network.
In the next five years, Walmart India aims to source 25% of products sold in its Best Price Cash & Carry stores directly from farmers.
The initiative will enhance market access and cut down transportation costs for producers, the group said.
The company also plans to source products from local, farmer-producer organisations in every state of the country in which it operates stores.
President and chief executive officer of Walmart International, Judith McKenna, said, “There are incredible benefits for our communities and our customers when we can help give farmers opportunities to learn and expand their access to markets.
"Farmers’ incomes can grow and they can create new business opportunities for local entrepreneurs and help improve access to high-quality produce in their villages and beyond," McKenna added.
In 2017, the Walmart Foundation invested $2 million in a non-profit firm, Tanager, to implement the Farmer Market Readiness Project in Andhra Pradesh in India.
The project provided farmers with knowledge, resources, and services to enhance their market-readiness and expand their reach.
Out of the $25 million commitment by the foundation, around $2 million will be forwarded to the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) to help smallholder farmers generate more income.
Smallholder farmers are the backbone of the Indian economy, with more than 50% of the total workforce employed in the sector.
In an effort to improve food security in the country, and boost the overall economy, the Indian government has set an ambitious goal to double farmers’ income by 2022.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.