IMPORT SUBSTITUTION AS A FACTOR INNOVATIVE DEVELOPMENT OF THE REGION

The relevance of the study is determined by the political and economic con-ditions and challenges that the Russian Federation has faced in recent years. Although the import substitution program was first discussed 10 years ago, it has become a necessity in recent years. Russia is on the first place in world land area, it is multinational country with a big number of regions, each of them have its own peculiarities and economics. In this paper have been reviewed the impact of governmental program of import substitution on regional economics, its benefits and flaw.