Importance Crisis developments in Russia increase the importance of problems related to regional economic growth enhancement, investment and innovation development at the regional level, and stable import-substituting production formation. However, the need for modernization faces serious challenges, namely, unstable currency devaluation, lack of high quality domestic equivalent products, and high interest rates on loans. Objectives The study aims to analyze the existing problems in the country's modernization development at both the federal and regional level, to highlight areas for their solution, to underpin the optimal structure of regional socio-economic complex from the perspective of ensuring the revenue base of the regional budget. Methods The study draws upon the theoretical knowledge method, comparative analysis, statistical and logical techniques. Results We highlighted the major problems faced by the Russian real economy, their causes and effects, and analyzed possible solutions. The paper introduces the sector's investment contribution term that describes the impact of certain sector on territory's economic development through return on invested capital. We evaluate the structure of socio-economic complex of the region from the perspective of investment contribution of sectors, and propose the optimal structure of socio-economic complex of a particular region in terms of budget revenues, output expansion, and employment. ConclusionsandRelevance Under current conditions, the crisis-fighting measures at both the federal and regional level should be multidimensional. They require consolidation of efforts of the State, private sector, and general public.
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