Bengaluru, Sep 27 : Global retail giant Walmart on Thursday said it will invest Rs 181 crore till 2023 to improve the livelihood of Indian farmers in keeping with the government's ambitious goal of doubling farmers' income by 2022.
"Walmart Foundation will invest (Dollar) 25 million to improve farmer livelihoods over the next five years, working beyond our Indian arm's supply chain," said Walmart India in a statement here.
The retail giant would also increase its direct sourcing from farmers to 25 per cent of produce sold in its Cash and Carry stores till 2023.
"Smallholder farmers are the backbone of the Indian economy, with over 50 per cent of the workforce employed in the sector," said the statement.
As the Indian government has set an ambitious goal of doubling farmers' income by 2022, the US-based retail firm hopes its initiative would also improve the country's food security and boost the overall economy.
The new funding will expand the company's efforts to develop farmers' organisations to help raise rural incomes.
"The fund will be used to support farmer organisations in developing knowledge of sustainable farming practices, share business best practices, add value to primary agricultural commodities and improve access to finance and markets," noted the statement.
The Foundation will work with non-government organisations (NGOs) to support farmer producer groups, develop best practices and demonstration sites across the country.
"Our aim is to empower multiple farmer organisations and connect them into a nationwide farmer-support network," added the statement.