Presently, the problem of transition from the export and raw model of economic development to the innovation-based model assumes greater relevance. The article defines the trends and prospects of the Russian innovation system development. The author considers the basic indicators of the country's innovation development and compares them with similar indicators of the European Union. The paper analyses the basic provisions of the Concept of long-term socio-economic development of the Russian Federation for the period up to 2020 and the Strategy of the Russian Federation innovative development for the period till 2020. The author summarizes interim results and assesses the basic mechanisms of the State influence on the innovation system of the country, such as creation of innovation infrastructure, development of public-private partnership mechanisms, and creation and support of venture capital fund, and also a policy aimed at increasing wages of certain categories of specialists. The author concludes that the transition to the innovation model of the Russian economy development, first of all, requires identifying priority areas of innovation development. High-tech sectors should become such areas, i.e. development of nanotechnologies and biotechnologies, chemistry and petrochemicals, medical technology, electronics, communications, and information technologies. The State should increase spending on education and health care, enact a law on public-private partnerships, stimulate work according to its provisions. The State should continue developing innovation infrastructure, creating new venture capital funds and supporting the operation of existing ones. The paper emphasizes that any political solution undertaken by the State has an impact on the economy's innovative development. The results of the study can be used by public authorities to develop strategies for socio-economic development of the country.
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