New Delhi, June 24 -- Walmart Inc.'s president and chief executive, Doug McMillon, reiterated the importance of the Indian market on Tuesday.

"We appreciate the long-standing relationship that we've had with the country," he said at a Walmart event in New Delhi.

The world's largest retailer, which started with sourcing operations from India over two decades ago, now participates in India's growing $70 billion e-commerce market via its controlling stake in Flipkart.

McMillon, who is in India for a two-day visit, said the company is looking to step up local sourcing from India to $10 billion every year for its international business. It promised to triple its exports of goods from India to $10 billion each year by 2027 in 2020 also.

"Lo...