Import-Substitution as a Factor of Developing Sustainable Economy

Abstract

Volatile economic and political situation in the world makes us search for new ways and methods of sustainable development of economy. The article deals with one of these methods and an acute challenge, i. e. importsubstitution. The author analyzes the need to develop import-substitution as a way to overcome stagnation in order to retain and grow our economy potential and to provide an opportunity for Russian enterprise products to enter the international market. Apart from that, import-substitution is a key factor of raising security of our economy and its sustainable development in volatile conditions of foreign-economic environment. The article describes measures of support in respect of agriculture adopted by the Government of the Russian Federation after introduction of first sanctions in March 2014. Positive and adverse aspects of import-substitution policy in the sphere of foods were discussed and statistics on it was provided. On the basis of the research the author shows results of the importsubstitution process.