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Leading Russian scientists issue anti-crisis recommendations

February 05, 2015, 0:45 UTC+3 MOSCOW

Стимулирование внутреннего спроса является важным фактором стабилизации экономической ситуации в стране

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MOSCOW, February 5. /TASS/. Stimulation of internal demand is a crucial factor of stabilizing the domestic economic situation and that is why the Russian government should target its efforts at the maintenance of the population’s consumer spending and investment, say the conclusions drawn up by members of the Bureau for Social Sciences of the Russian Academy of Sciences, its secretary, Dr. Andrei Kokoshin told TASS on Wednesday.

One of the aspects pointed out by the researchers it the importance of financing the investment through the mechanisms of project financing and through various development institutes. These instruments should be freed of excessive budgetary limitations given the current high interest rates.

The researchers also make stress on consolidating efforts on renovation of productive facilities and on stimulating the manufacturing chains and embrace mechanical engineering and defence manufacturing, as well as mechanical engineering and the fuel/energy sector, Dr. Kokoshin said.

The too-making industry, electrical engineering sector and the instrument engineering industry have key significance for these chains.

"Priority should be given to the whole spectrum of manufacturing linked to electronics, and particularly to the component elements," the conclusions said.

Once this approach is adopted, it will help cut down this country’s dependence on imports on the domestic market of mechanical engineering products by two-thirds and will thus guarantee a high enough level of economic security.

In the farming sector, the authors of the report recommend drafting and subsidizing the imports of certain foodstuffs during a period that will be taken up by the efforts to expand their domestic output.

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