Three Bears Matryoshka [India]. This set was imported by B. Shackman of New York in 1980. We know this because it still has the sticker on the bottom of the first doll. According to Michele Lefkovitz in her book Collector's Guide to Nesting Dolls 91989), makers of Russian nesting doll were sent to India to make dolls in a sort of exchange program. Three importers plied their trade in the 1980's include Shackman, who no longer exists, Kubla Craft, who exists but stopped importing nesting dolls a while back, and Authentic Models Holland, who also still exists, but probably doesn't sell nesting dolls.
The painting is fairly sophisticated and the wood is indigenous, a hardwood different from typical Russian linden or birch. Dolls fit reasonably well and lacquered and polished to a high gloss. All the pieces open up, but the last one was empty, a nod to the added cost of that last piece. 1 available, as shown.
Refer to Collector's Guide to Nesting Dolls by Michele Lefkovitz, pg 112-132, plate 205.