The speaker: the effect of import substitution we will feel “in the fridge and on your Desk”


PETROPAVLOVSK-KAMCHATSKY, October 19. The Minister of economic development of Russia Alexei Ulyukayev considers the successful implementation of the program of import substitution. He said this on air of the program “Posner” on channel one.

“He’s already quite successful. The only industry, except for mining, which we developed, is the food industry. I think we are all in a period of 5 years will start to feel it physically in your fridge and on your Desk. A little worse in household appliances and so on. But here the problem of investment,” he said.

According to the Minister, five years in retail will be more domestic production. “We created a funding mechanism whereby part of the risk the business assumes the government, the budget, banks. In total 31 projects we have launched, they are working,” he said.

The Minister added that currently the share of domestic products in retail is 38%. “I think the basic vegetables and fruits are almost 100% Russian. Of course, there are niches where we are not there yet,” added the speaker.

He also added that a bit more complicated is the situation with milk. “There’s just a long period of investment. Perhaps in 5 years we will not achieve such growth, we need a little more,” he added.

The peak of the crisis was reached in the summer

The peak of the crisis in Russia was achieved in the summer, the economy will recover slowly. This was stated by the Minister of economic development of Russia Alexey Ulukaev in the program “Posner” on channel one.

“We reached a peak this summer. In June of this year, we reached a low point. June to July (GDP) – zero, July to August, August to September, and September to August to 0.3%,” he said.

However, “people and businesses don’t feel”, this is the assessment of Rosstat, the Minister added.

“While the feeling that to stand up we will be pretty slow. But with this task we can handle,” said the speaker.

Answering the question, why didn’t you manage to avoid the crisis, he said: “We were not able to find the answers to the questions which were set for life. As we have developed over the last 8 years? We oil was produced, it had become expensive in price and everything went. But the music ceased to play, and the dancer doesn’t know what to do. We are unable to establish mechanisms which translate national savings into national investment.”

Annual inflation from 2nd quarter of 2016 will be at the level of 10%

Alexei Ulyukayev also said that annual inflation in the second quarter of 2016 will be at the level of 10%, and further drops to 7%.

“I can assure you that from the second quarter of 2016 inflation will be 10% and then drops to 7 per cent,” he said.

According to the forecast of Ministry of economic development, inflation by the end of 2015 will amount to 12.2%. In 2016, the Ministry expects almost double the slowdown of inflation in comparison with the current year – to 6.4%.