Walmart, the world's largest retailer, on Tuesday said that its sourcing from India could increase to 'hundreds of millions' of dollars within 4-5 years, thus, making the country an export hub for its global operations.
The Bentonville (Arkansas)-based company already has a major sourcing business in India, including goods worth $125 million a year from Punjab alone, comprising mainly of cotton.
"In next 12 months we could talk about exports (from India) worth tens of millions of dollars. . . maybe hundreds of millions in the next 4-5 years," Walmart Asia president and CEO Scott Price told reporters in Chandigarh.
He said Walmart's global sourcing division has been restructured and the retailer has decided to focus on India in a big way.
"I had a talk with its (sourcing) head and both of us agreed that India has an immense potential," he said, adding that the firm saw India as a mega hub for worldwide sourcing.
Indian products can be exported to other Asian countries, Europe and even the United States, he added.
When asked about the products the company said it is keen to source from India, Price said the number of items could increase as the country has an immense variety to offer but a final decision has not been taken.
Walmart, which is present in India under a 50:50 joint venture with Bharti Enterprises in the wholesale cash-and-carry segment, also called for a relaxation in the country's retail FDI norms.
"The government is itself identifying areas where improvement is required. FDI in retail has to open further although it could be in stages," Price said, however, adding that the company is satisfied with its JV with Bharti.
Meanwhile, the JV -- Bharti Walmart Pvt Ltd -- on Tuesday opened its second Indian store here. The first outlet in Amritsar had been inaugurate in May last year.
