Import substitution as an instrument of socio-economic development on the example of the Chechen Republic

¹ Kadyrov Chechen State University, Grozny, Russia
² Complex Research Institute named after. H.I. Ibragimov Russian Academy of Sciences, Grozny, Russia

^* Corresponding author: basnukaev@hotmail.com

Abstract

In recent years, the Russian Federation and its constituent regions have experienced serious difficulties associated with the introduction of international sanctions. International economic sanctions have different mechanisms and structures - they affect the export of high-tech equipment, the ability to attract external borrowing, the functioning of digital services and other aspects of the activities of commercial enterprises. The key tool to counter these challenges is import substitution, which allows reducing dependence on external supplies and ensuring more stable development in conditions of economic uncertainty. Import substitution stimulates the development of national production and the creation of new jobs, which in turn can help improve the economic situation in Russia. This article examines the theoretical foundations of the policy of import substitution, analyzes strategies and plans for import substitution at the present stage, and also characterizes import substitution as a tool of socio-economic development using the example of the Chechen Republic.