Large financial injections will support Russian industry

In recent years, hundreds of new factories and production facilities have opened in Russia, including industrial giants, head of state Vladimir Putin stated in his Address to the Federal Assembly.

In the next six years, the gross added value of the Russian manufacturing industry should increase by at least 40 percent compared to 2022. Such accelerated industrial development creates thousands of new industries and modern and well-paid jobs.

As Vladimir Putin said, an “industrial menu” has already been formed, in which companies can choose the optimal support measures for themselves. It has quite a lot of tools.

Over the next six years, an additional 125 billion rubles will be allocated to companies. Thanks to this program, the country will build and modernize more than 10 million square meters of production space.

At least another 200 billion will be additionally allocated from the budget within the framework of the cluster investment platform to subsidize interest rates for projects to produce priority industrial products. The goal is to stimulate the renewal of the production capacities of manufacturing enterprises.

“I propose for them to increase the base for calculating depreciation. It will amount to 200 percent of the costs of Russian equipment and R&D. So, for example, if a company purchases domestic machines for 10 million rubles. It will be able to reduce the tax base by 20 million rubles. This is serious support,” explained the head of state.

In addition, the country will continue to develop industrial technology parks with an emphasis on locating small and medium-sized businesses. According to Putin, it is important to take advantage of the cluster approach when companies grow together with their related suppliers.

The Russian President announced a new measure to support entrepreneurs, Bashinform News Agency reported.

Author: Galina Bakhshieva