Walmart Inc President and CEO Doug McMillon on Monday hailed the uniqueness of Indian retail market and said that the country is also one of the most exciting markets globally that is poised to grow to over a trillion dollars by 2025.
Speaking at the Converge@Walmart event, McMillon noted that Walmart has to "think local and execute locally" as the country's retail segment is capable of "skipping generations".
"The Indian market is very unique and exciting. It's one of the most exciting markets around the world--one of the the top three along with the US and China. We think the future is very bright and are going to see a market (in India) north of a trillion US dollars by 2025," said McMillon.
Mr. McMillon added that currently, Walmart is not allowed to make a foreign direct investment in multi-brand retail and so, it operates in a different way.
Last year, Walmart also announced big plans to triple its annual exports from India to $10 billion by 2027. India continues to be the top sourcing market for the Bentonville-headquartered retail conglomerate, with annual exports stacking up to $3 billion.