In his address to the Federal Assembly, Russian President Vladimir Putin supported the plan of a new economic policy based on entrepreneurial initiative in the economy. This was announced on February 21 to Izvestia by the executive director of the Institute for the Economics of Growth. P.A. Stolypin Anton Sviridenko.
“In fact, in the message, the president supports the plan of a new NEP in the economy, based on entrepreneurial initiative. The President stressed that it was the joint efforts of the state, business, and citizens that made it possible to reduce the damage to the economy from sanctions last year to 2%,” he said.
The expert emphasized that it is impossible to deviate from this line. At the same time, it is necessary to improve the mechanisms of the market economy, strengthening the role of the processing industry, creating incentives for businesses to invest in the domestic economy.
“This requires the provision of investment funds at an affordable cost, so the president stressed that loans for the real sector should become cheaper,” he drew attention.
According to Sviridenko, it is necessary to form new financial market instruments that will allow converting savings into investments.
The President announced tax incentives for the purchase of high-tech Russian equipment and IT solutions, this is a really important measure that could stimulate Russia’s technological growth, the specialist added.
“In fact, a decision has been announced on a long-developed package of liberalization of criminal legislation in the economic sphere. Recall that in March last year, the president already touched on this topic, emphasizing “the need to abandon criminal prosecution for economic crimes,” in particular in the tax sphere,” the specialist continued.
He drew attention to the fact that Putin stressed the importance of ensuring the use of citizens’ savings, including voluntary pension funds, for the development of the economy. The head of state offered the Russians to guarantee investments in long-term investments.
“They can come from both pension savings and other sources. Last year, the Institute for Growth Economics. P.A. Stolypin just came out with such an initiative: to develop special tools for using frozen pension savings for the purpose of growth, guaranteeing them, ”the economist emphasized.
“In general, the message gave the economy even more time than expected. Indeed, the course towards the sovereignization of the economy has been confirmed, and much remains to be done for this. Very well-coordinated work of state bodies is important here, as well as attention to the specific needs of both entrepreneurship and the population,” Sviridenko concluded.
During his address to the Federal Assembly earlier Tuesday, Putin noted that many basic industries have now increased production rates. Agriculture showed double-digit growth. The head of state came up with a number of initiatives in the economy and proposed to encourage citizens to invest in the Russian financial sector.
He also proposed to establish insurance coverage for voluntary pension savings at the level of 2.8 million rubles.
