Importance Fiscal policy plays an important role in stimulating the neo-industrial development of Russia's economy, which is based on knowledge-intensive, science-based and environmentally efficient way of social reproduction. Objectives The purpose of the study is to analyze the modern fiscal policy of Russia as part of implementing new industrialization strategy. Methods The study draws on formal and dialectical logic, deduction and induction, analysis and synthesis. Results The paper reveals the neo-industrial content of economic growth, analyzes revenues and expenditures of the Federal budget of the Russian Federation, trends in budget investments in fixed assets and human capital. I formulate major areas for perfecting the budgetary policy of Russia to spur a new industrial revolution. Conclusions To implement neo-industrialization, Russia needs a smart fiscal policy. Alongside with other instruments, it will enable a balanced recovery and subsequent growth of domestic demand for scientific-technical and innovative products, good quality and affordable education for all social groups. The latter will have a positive impact on human (intellectual) capital as a major driver of neo-industrialization.
