Russian President Vladimir Putin lauded Prime Minister Narendra Modi and the Indian government for creating “stable conditions” for small and medium-sized enterprises (SMEs) and offered to place Russian manufacturing sites in India.

Speaking at the 15th VTB Investment Forum in Moscow on Wednesday, Putin also noted the rise of new Russian brands replacing Western brands that have exited the market, noting the success of local Russian manufacturers in sectors such as consumer goods, IT, high-tech, and agriculture.