Effective investment activities as a necessary condition for economic growth

The article discusses the problems of measuring, assessing and achieving the effectiveness of investment activities as a condition for economic growth. It is noted that analytical reviews of investment activities in our country include indicators of investment activity, but the effectiveness of investments remains outside the scope of study. Meanwhile, economic growth is determined not only by the volume of investments, but also by their return, which is significantly determined by the innovative nature of investment. The modest positions of Russia in the international innovation rating are shown, and the problematic characteristics of the Yaroslavl region in the regional rating of innovative development are named. It is noted that, despite the decisions taken to intensify innovation processes at the federal level, most regions have not created innovative development institutions, and the activities of existing regional development institutions continue to be assessed based on investment activity indicators, i.e. the volume of attracted investments. The complex nature of the processes that shape the efficiency of investment activities based on models of cost estimates of investment projects and business in general is substantiated. The need to use cost estimates of the efficiency of domestic business is updated. The problems of the process of selecting projects for their information, methodological and financial support performed by regional development institutions are identified. The ways of updating the methodological approaches in the economic justification of projects are proposed, in particular, those caused by the increase in uncertainty of the external environment and the price of funding sources. It is recommended to differentiate the assessment of project efficiency for different groups of participants. The measures for maintaining the planned project efficiency indicators based on monitoring the income and expenses of a specific project in the implementation of project and operational activities are named.