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IMPORT SUBSTITUTION AS A LONG-TERM TREND TO PROVIDE ECONOMIC GROWTH OF THE RUSSIAN ECONOMY

E. S. Ogurtsov, V.V. Ling, M. N. Korsakov, I. V. Pripadcheva, G. R. Tsareva

Abstract

The import substitution policy, carried out both at federal and regional levels, today is one of the structural components of the RussiaВ’s national and economic security ensuring policy. The work examines the effect of import substitution on economic growth of the Russian economy. Authors consider the nature and the role of import substitution, its effectiveness and reasons for implementation, as well as studies issues of imports policy formation of goods and services in the Russian economy under the conditions of economic sanctions. The article describes also the experience of import substitution in other countries and emphasizes the importance of import substitution in various sectors of the Russian economy. The import substitution should result in the development of the Russian economy, competitive growth of domestic products by encouragement of technological modernization of production and increase its efficiency as well as mastering of new competitive types of products with relatively high added value. When pursuing a policy of import substitution, it is necessary to change the management strategy and tactics of high-tech sectors of the economy

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