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Putin urges sustainable growth rates in Russian economy

October 18, 14:37 UTC+3
Export assistance mechanisms, greater availability of lending resources and buildup of relations between private business and state-owned companies requires thorough discussion in this regard
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© Mikhail Metzel/TASS

MOSCOW, October 18. /TASS/. The situation has stabilized in the Russian economy but the there is a need to ensure its sustainable growth, Russian President Vladimir Putin said on Tuesday.

"We managed to stabilize the economy by now but our goal is definitely broader and greater - to achieve sustainable growth rates," the president said. "To this end new tools should be developed and efficiency of support measures to be launched should be increased," Putin said.

Export assistance mechanisms, greater availability of lending resources and buildup of relations between private business and state-owned companies requires thorough discussion in this regard, the president concluded.

The Russian leader has marked the importance of insuring freedom of doing business as the better response to external constraints.

"It is important that we have a common understanding of national priorities and the overall approach - giving businesses maximum freedom. I would like to repeat once again - this is the best response to any external constraints, the only path to the well-being of our citizens," Putin said.

According to the top official, the feedback from the business allows to make necessary political decisions as quickly as possible. He noted that there are more and more people in regional and federal governments who understand issues of business and work with it directly.

The president has also shared his confidence that non-resource companies would be able to take leading positions in the economy of the future.

"I am confident domestic non-resource companies will be capable to capture leading positions on markets of the future associated with new waves of innovation," he noted.

The head of the state also dwelled upon benefits on payments of insurance contributions by IT companies.

"Benefits are not always as justified and giving such positive effect as in this case," the head of state said.

The effect from benefits is obvious in the case with IT companies, Putin said. "Therefore the government is exploring an opportunity of extending benefits until the end of 2023," he added.

Decisions taken to support the sector brought positive effect - "turbid growth in this sector of the economy," the President said. "We are thoroughly analyzing all the developments in this sphere and definitely intend to support the growth rate," Putin said.

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