INNOVATIVE DEVELOPMENT OF RUSSIAN ECONOMY (CONCEPT OF IMPORT SUBSTITUTION)

• Main Authors: E. A. Yakovleva, E. A. Kozlovskaya
• Format: Article
• Language: Russian
• Published: Government of the Russian Federation, Financial University 2017-10-01
• Series: Финансы: теория и практика
• Subjects: import substitution; innovations; economy; modernization; state; crisis
• Online Access: https://financetp.fa.ru/jour/article/view/305
• ISSN: 2587-5671; 2587-7089

The paper describes the objectives of the import substitution concept adopted by the Government of the Russian Federation: changing the raw-material orientation of the Russian economy; reducing the imports share in the GDP; stimulation of the national economy development in a number of sectors; modernization of seven sectors (energy, space, information technology, defense, communications, transportation, nanotechnology); increasing the level of industrial self-reliance; restructuring of the economy; and refusal from the fragmented catch-up modernization policy. The specific features and factors that determine the development of innovative processes in the Russian economy are identified. The development and marketing of competitive products are associated with a lengthy preparatory phase during which depressive industries are revealed and modernization activities are carried out. The paper presents a classification of methods for the regulation and support of the innovative development of the Russian economy. The import substitution in the industry, apart from the sanctions, is also necessitated by the fall of the ruble that resulted in higher prices for imported complementary goods (indirect import substitution). The paper identifies the causes of difficulties in financing import substitution programs. The results of the study can be used to refine the “Development of Science and Technology” program and the budget policy of the country. Various approaches and methods to implement the restructuring of the economy, modernization and transition to the innovative development have been developed that are described in a number of research papers and legislation instruments but require further development.