Walmart and Flipkart announce MoU with National Small Industries Corporation (NSIC) to help MSMEs unlock their export potential

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Walmart and Flipkart MoU signing with NSIC
Walmart and Flipkart announce MoU with National Small Industries Corporation (NSIC) to help MSMEs unlock their export potential

Walmart and Flipkart have helped digitally transform 20,000+ MSMEs under the Walmart Vriddhi  program, and enabled them to expand their domestic and international capabilities 

NEW DELHI, India and BENTONVILLE, Ark., December 6, 2022: 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%. 

MoU announced during the Walmart Vriddhi Seller Summit, attended by the Honorable Union Minister for  Micro, Small and Medium Enterprises, Shri Narayan Rane 

Walmart and Flipkart have helped digitally transform 20,000+ MSMEs under the Walmart Vriddhi  program, and enabled them to expand their domestic and international capabilities 

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