Assessment of Current Trends in State Financing of Innovative Development in Russia

Abstract

The article presents the main problems of financing innovative development of the country’s economy. The system of state programs has advantages and disadvantages. The latter include constant changes, non-compliance of indicators and targets with the main goals, low level of co-financing from territorial budgets, duplication of efforts, and a large number of activities that are not related to the target indicators. Significant budget funds are allocated for the social and economic development of the country, but there is no corresponding economic growth. The conducted correlation and regression analysis showed, on the one hand, the positive impact of public financing in all programs on GDP growth, on the other hand, when analyzing the impact of individual programs on indicators and indicators of implementation, the relationship was absent in most cases. For example, some indicators show a positive impact and prove the feasibility of measures, while others show that the situation is either reversed or there is no impact. Despite the ambiguity of the obtained results, we believe that the state should undoubtedly participate in the socio-economic development of the country, should not only cover expenses, but also encourage development by the private sector, and should also ensure high efficiency of public funds.