ROLE OF IMPORT SUBSTITUTION IN THE RUSSIAN TEXTILE INDUSTRY

In sanction economic development, new approaches to ensuring economic security and strengthening the country’s competitiveness are being considered. The transition from the raw material development model to the non-raw material contributes to search factors that enhance the country’s internal potential. One of such factors is based on import substitution. This paper focuses on the significant importance of import substitution for the sustainable development of the Russian economy. The necessity of implementing the policy of import substitution at the present stage of the country’s development is being proved. Measures of state financial support for reducing dependence on imports in the textile industry are presented. Finally, it is concluded that effective implementation of the import substitution policy is impossible without sufficient funding from the Government.