A significant decline in Russian budget revenues from oil and gas exports is becoming a serious incentive for the development of economic sectors aimed at meeting domestic demand. In a crisis situation, the most urgent task of the Russian regions is to find the most promising economic sectors that can become growth drivers for the entire socio-economic system. The article considers the possibility of stimulating the economic growth of Russian territories through the development of value chains. The author justifies the most optimal directions of transformation of value chains from the point of view of regional economic development and calculates the effects of their implementation. Mechanical engineering is one of the high-tech industries with a significant multiplier effect, and availability of modern products in the national economy sectors directly determines the economy competitiveness. The novelty of the results lies in the assessment of the consequences of the activation of the machine-building industry for the economy of the national and regional level. The calculations let identifying the main problems and limitations for the growth of machine-building industries, proving the importance to develop this sector which is expressed in an increase in the main economic indicators. As the methodological basis of the research, the paper uses general scientific methods of analysis, synthesis, comparison, generalization, as well as tools based on the methodology of intersectoral balance. In the future, the work will continue searching for new growth points and the most optimal directions of structural changes for transition of the country and the region to sustainable socio-economic development
Keywords
economic growth, industrialization, import substitution, mechanical engineering, vologda, value chains, intersectoral balance, oblast