Walmart has announced plans to open 5-7 stores in India in 2019 in an effort to boost operations in the cash and carry segment, said Krish Iyer, President and Chief Executive Officer, Walmart India.

Speaking on the sidelines of the India Food Forum 2019 event in Mumbai, Iyer said: “We will continue to invest opening more stores in the country. Last year we opened two and this year we are planning to open 5-7 more stores.”

He added that the company’s target – being that of opening 50 stores by 2020 – is achievable. The retail giant currently has 22 stores situated in India.

Money Control reports that Iyer went on to point out his satisfaction with the Finance Minister’s budget, saying it focused on growing consumption, putting more money in the hands of the middle class and farmers’ package for their welfare.

Iyer said: “Growing consumption is the key for driving GDP growth, job creation, and making the economy much more vibrant. Every single aspect will be taken care of if consumption grows.”

When asked about direct sourcing from farmers, he said: “We do direct sourcing but not on a large scale. We teach them techniques of farming so the crop is grown well and helps them grow their (farmer’s) income.

“This bodes well with PM’s (Modi’s) program of doubling farmer’s income. Other important point is whatever they grow, farmer must get better realisation. So, there is complete transparency in terms of pricing, in terms of payment, timeliness of payment. So this experience of direct sourcing has been good so far,” he added.