Importance The article covers the regulation of the relationship between businesses and public authorities in the framework of the Federal Law "On Industrial policy in the Russian Federation". Under the existing economic sanctions, dealing with the emerging issues requires the adequacy of the new law to the needs of economic development, which makes the process of undoubted relevance. Objectives The purpose of the study is to develop fundamental principles, objectives, priorities and directions of the development of industrial policy at various levels of management with consideration of the characteristics of the industrial complex of the Republic of Mordovia, represented by the industrial capacity and infrastructure, and the availability of basic elements of the regional innovation system. Methods Based on statistics, regulatory and legislative, and analytical materials, and using the methods of analysis and synthesis, the paper considers the diverse aspects of core priorities, principles and objectives of industrial policy under the new circumstances of economic sanctions and the simultaneous solution of import substitution problems at various levels of management. Results The authorintroduces the concept of "import substitution" in the definition of "industrial policy", submitted by the Federal Law "On Industrial policy in the Russian Federation", and defines the need for interaction between all levels of governmental authorities for the implementation of this Law; the scheme reflects the relationship of controls, beginning with the adoption of the Federal program of import substitution, the participation of the region and enterprise-level performance. Conclusions and Relevance The author concludes that, provided that the following recommendations are met, it will raise the possibility of formation of industrial policy at various levels of Government, adequate to the new conditions. This will allow laying the foundations of a new model of economic development based on the identified priorities: import substitution, strengthening the industrial policy with the use of regional innovation systems and retrofitting the industrialization opportunities of regional industrial complexes. In addition, it is necessary to create conditions for the export opportunities of non-commodity segment of the industrial complex of the region and the elimination of the budget deficit of the subjects of the Russian Federation.
Keywords: industry, industrial policy, region, principles, import substitution, regional center, coordination, Technology Park, structure, import-substituting innovative enterprise
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