The role of state support for small and medium-sized businesses in the context of innovative economic development

Plekhanov Russian University of Economics, Department of financial management, 117997, Moscow, Russia

Abstract

The problems of supporting small and medium-sized businesses are relevant for both developed and emerging economies. The level of business development depends on the effectiveness of state policy, which affects the rate of economic growth, GDP dynamics, and innovation activity. The article emphasizes the positive impact of strategic planning at the state level, the inclusion of projects for the development of small and medium-sized businesses in Federal and national projects, state programs. However, the article highlights the problems of increasing the effectiveness of state support. The author analyzes the directions of state support for small businesses, as well as support for individual sectors and sectors of the economy, such as energy. The growth of public investment in the construction of state property objects is emphasized. The development of the transport system, energy, construction of major facilities, and innovative development require state support. A comparative analysis of the forms and directions of support in Russia and other countries is provided. There is a need for state support tools that exclude simple spending of budget funds, and there is a need for clearer conditionality of receiving funds and reporting. For innovative development of economy it is necessary to provide such support tools that would increase the level of innovative activity, effectiveness of R & d, commercialization of intellectual property, the development of technological innovation.