Moscow, Dec 19: Russian President Vladimir Putin on Thursday once again acknowledged India's growing economic prowess while highlighting his government's continued efforts to keep the overall economic situation in the country normal and stable despite the long and ongoing conflict with Ukraine. 

"International financial and economic institutions have placed Russia first in Europe in terms of economic volume, purchasing power parity, and fourth in the world. Ahead are China, the United States, and India. We overtook Germany last year and have overtaken Japan this year. But this is not an indicator that we should fall asleep and calm down on. Of course not," said Putin while answering questions during his annual press conference in Moscow on Thursday.

He mentioned that the Russian economy continues to develop despite external threats and attempts to influence it.

"Everything is developing, everything is actively moving forward. If the Eurozone has fallen asleep, then there are other centres of world development, they are also moving forward. And in the Eurozone and in the States, the situation is also changing. We must maintain the momentum, change the quality of our economy," Putin asserted.

Earlier this month, the Russian President had lauded Prime Minister Modi's 'India-first' policy and the 'Make in India' initiative while expressing Russia's willingness to establish manufacturing operations in India.

Addressing the 15th VTB Russia Calling Investment Forum in Moscow, Putin had drawn parallels between Russia's import substitution programme and India's 'Make in India' initiative.

"Prime Minister Modi has a similar programme called 'Make in India'. We are also ready to set up our manufacturing operations in India. The Indian government, under the Prime Minister's leadership, has been creating stable conditions, driven by a policy of putting India first. We believe that investing in India is profitable," the Russian President said.

In September, during his one-on-one meeting with National Security Advisor (NSA) Ajit Doval in Saint Petersburg, Putin had hailed India's rising global stature and the strength of its growing economy under the leadership of Prime Minister Modi.

"Our special privileged strategic partnership is gaining momentum, gaining strength, which we are only happy about. We are also happy about India's success in building, strengthening its statehood, and developing the economy, which is happening under the leadership of Prime Minister Modi," the Russian President had said during his meeting with NSA Doval.

--IANS