Government Regulation of Innovative Development of Russian in the Current Conditions

The paper concludes that the share of new knowledge embodied in technologies, equipment, personnel training, manufacturing organization in developed countries is about 70%-90% of GDP growth. Introduction of innovations has become a key factor of market competition giving progressive companies an opportunity to reach excess profits based on assignment of intellectual rent arisen by the monopoly usage of more advanced technologies. Nowadays, Russia faces a problem to form advanced engineering and manufacturing systems. At the same time, the Russian economy does not have an operating system of state stimulation of innovation development. The factors constraining the innovation-oriented development of Russia are revealed thus: expensive energy resources, inefficient taxation system, insufficient money supply, unused human capital, quality of administration. The necessary measures which ensure the transition to a balanced economy with sustainable growth of the main indicators of national production and consumption have been identified.