Instruments for Implementing Import Substitution Policies in Light Industry

The current work examines the instruments of implementing import substitution policy in the light industry of Russia in 2016. With the help of multiple regression data analysis, the specifications have been developed, which were valued by the method of Weighted Least Squares (WLS) with various combinations of instrument sets. The factors were selected based on the previous studies, relevant legal documents and the information gained from the in-depth interview with an industry expert. A distinctive feature of this work is the refutation of common belief on the key role that the import restriction instruments play during the implementation of the above-stated policy. Moreover, the significant nonlinear effect of government investments in companies was identified as well. As a result, the main goal of the research was achieved: the instruments that contribute to the key task of import substitution to the greatest extent were identified. The final results can be considered while planning the budget for the program implementation.