The Role of State Funds in Financing Projects within the Import Substitution Strategy

Abstract

This paper examines the role of state funds in financing import substitution projects, focusing on priority sectors of microelectronics, biotechnology and pharmaceuticals identified through vulnerability analysis (data from the Ministry of Industry and Trade of the Russian Federation). The study reveals current directions of state support, including features of budget financing and extra-budgetary instruments for stimulating innovation. An improved mechanism for the competitive allocation of funds is proposed, incorporating selection criteria such as localization share, patents, and export potential, with integration of an application submission platform on the "GosInnovatsii" portal, enhancing transparency and efficiency of fund allocation. A key element of the research is the program for launching pilot projects in leading information technology clusters (Skolkovo, Innopolis), which ensures accelerated commercialization of technologies through public-private partnership mechanisms. Based on the data analysis, recommendations are proposed for optimizing state support for high-tech industries under sanctions pressure. The research results are of practical value for public administration bodies responsible for developing and implementing industrial policy, as well as for enterprise managers involved in import substitution programs. The research materials can be used in adapting existing and developing new measures of state support for innovation.