Development of Mechanisms for the Identification of Priority Industries for Import Substitution in Russia

Abstract

This study is dedicated to developing a mechanism for the identification of priority industries for import substitution in Russia. Aim. This study aims to structure the elements of the proposed mechanism for the identification of priority industries for import substitution in Russia as means of ensuring their sustainable development. Tasks. This study identifies the industries capable of becoming the drivers of the import substitution strategy; examines the existing methods of import substitution implementation; determines the structure of the proposed mechanism for the identification of priority industries for import substitution in Russia; substantiates the role of government institutions as a catalyst of import substitution development by changing the institutional environment. Methods. This study uses general methods of scientific cognition to examine the strategy of implementation of equipment and technology import substitution in various aspects and identify trends in the current state and development of the implemented strategy. Results. Restrictions on the import of technologies and advanced equipment coupled with the steep depreciation of ruble significantly limit the opportunities for the sustainable development of the Russian industry. This study proposes a ranking mechanism that would allow the government to focus their efforts during import substitution strategy implementation on the industries that are of no interest to the private capital. The ranking mechanism would make it possible to facilitate rapid achievement of the objectives of import substitution strategy implementation. Conclusion. The proposed mechanism for the identification of priority industries for import substitution in Russia makes it possible to rank the efforts of the government and public capital in the achievement of economic security and its sustainable development in Russia. This is particularly important in the context of the extension of sanctions by the global community or their further toughening.