Subject. The article focuses on contemporary trends in the industrial and socio-economic development of Russia during the technological transformation of its sectors.
Objectives. The study is an attempt to analyze what opportunities and difficulties may arise for the development of the industrial sectors in Russia. We also examine the dynamics of key development indicators of the industrial sectors, point out inhibitors of their competitiveness.
Methods. The methodological framework comprises general methods of systems, structural-functional and comprehensive approaches to analyzing economic phenomena. We applied graphic, economic-statistical methods of research, conventional methods of grouping, comparison and generalization, and the logic, systems and statistical analysis.
Results. We display how industrial sectors develop over time by type of economic activities. The article provides the rationale for structural rearrangements and further innovation-driven development of the industries. We display that the Russian industries technologically depend om imported production technologies. We substantiate the renewal of assets and technologies at industrial enterprises, and retain and develop human capital.
Conclusions and Relevance. Primarily, the Russian economy should be digitalized as a source of the long-term economic growth. Notably, industrial enterprises should replace their linear production method with that of the circular economy and implement resource-saving innovative technologies. The State evidently acts as the leading driver of technological retrofitting of the industrial sector. If the State holds the reasonable and appropriate industrial policy at the federal and regional levels and configure its tools to ensure the modern approach to developing the industries in a competitive fashion, the industrial complex will successfully transform into the innovative economy.
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