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For at least the last 10 years, the Russian authorities have been declaring the need to move to an innovative path of economic development. The government actively initiates and applies various instruments and measures to promote innovation. However, the effectiveness of the Russian innovation policy is still in question. The chapter examines the evolution of state policy to foster innovation growth in Russia since 2000 and describes some sets of achievements and problems for different stages of this policy. In addition to analysis of changes in the innovation sphere at the macro-level, we discuss the primary motivations and limitations at the micro-level (firm level). As a result, the critical institutional barriers to innovation-based growth are revealed. In the same time, certain successes have been achieved in some sectors, and we consider various opportunities to improve Russian technological and innovation policy.

The chapter is devoted to the analysis of industrial development in Russia since 2005. Characteristic features of the Russian industry are considered. It is shown that the Russian industry is specific both by its structure and its high heterogeneity. The mining and quarrying sector and related manufacturing industries play a significant role in the Russian economy and major role in industrial production. In the foreseeable future, these sectors can strengthen their leading positions.

Considerable attention is paid to the analysis of the industrial policy of the Russian government, which has traditionally been one of the leading actors of industrial development. The main directions of industrial policy are singled out: compensation of negative changes, catching-up, and advance development. It is noted that the role of the government is ambivalent: on the one hand, it seeks to develop high-performing companies, including new and fast-growing ones, and on the other hand, it often supports large, low-performing enterprises. With the declared continuous emphasis of industrial policy on innovation and modernization, low innovativeness of Russian companies remains. Based on the analysis of modern conditions, as well as new objects and instruments of industrial policy, some prospects for future industrial development have been revealed.