Institutional Support for the Growth of Manufactural Industries in the Russian Federation

Abstract

In Russia, ensuring a high level of competitiveness of the national economy is possible only with the realization of a non-resource model. We need to make advanced development of the high-tech and innovative sector in industry. The reasons for the obstacles to the development of industrial sectors are found. These include lack of a financial base for investing in production, low workload, and low profitability of industrial capacities. The necessity of using the principle of complexity in eliminating the identified problems has been substantiated. Currently, studies in the field of economic development of the Russian Federation have become widely known. To this day, the basis of the revenue side of the federal budget of our country is the revenues from the import of hydrocarbon fuel. This circumstance makes the Russian economy extremely unstable in relation to external influences. In fact, the economic well-being of the country is associated with fluctuations in world prices for hydrocarbon fuel. Therefore, it is necessary to develop a new model of sustainable economic development based on industrialization with the use of technical and technological innovations.