Indian Journal of Science and Technology

Abstract

Phase-out of imports is an ambiguous phenomenon because it has its own strengths and weaknesses. Benefits include an increase of domestic products output, solving the problem of economic security comprising food and energy. However, there are a number of dangers, which include slowing of innovation processes, reducing the competitiveness of domestic enterprises, i.e. such isolation may sooner or later lead to the general backwardness of the economy of the country or region. This article attempts to analyze the problem of import phase-out in the Republic of Buryatia, to answer the question whether or not this line of economic policy in the country is successful.
Keywords: Import Phase-Out, Industrialization, Innovation Policy, Real Sector of Economy, The Republic of Buryatia