The Role of Government Regulation in Achieving Economic Growth and Strengthening Industrial Sovereignty

The subject of the study is the interaction of the banking system and government authorities in achieving the national development goals of the Russian Federation. The purpose of the work is to identify factors hindering the strengthening of the economy, ensuring financial sovereignty, import substitution, creating conditions conducive to industrial growth at a rate exceeding the global average, clarifying the role and responsibility of government authorities in achieving national development goals in cooperation with the Bank of Russia, as well as making proposals to resolve contradictions between credit and government organizations in strengthening economy and reduction of inflation. The analysis of empirical data provided by ROSTEC State Corporation, the Russian Union of Industrialists and Entrepreneurs, the Center for Macroeconomic Analysis and Short-term Forecasting, Ministry of Economic Development, current and forecast data on Industry and agriculture in the Nizhny Novgorod region, with a grouping of production facilities based on their dependence on lending rates and government support, is carried out. The experience of the USA and Turkey in regulating inflation is considered. Proposals have been put forward to reduce inflation and strengthen the economy through financial and legal methods, as well as improving the system of cognitive training for students. It is concluded that the high inflation rate is due to the lag in the growth of production and supply of goods on the market from consumer demand, largely due to the high lending rate.

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