In late may, members of the Presidium of the economic Council under the President of Russia will hold meeting on which will discuss the sources of reaching an annual growth rate of 4% of GDP in the medium term. About this “Vedomosti” said the presidential aide Andrei Belousov.
On the podium, which will be held for the first time since may 25, 2013, by the Minister of economic development Alexei Ulyukayev. In addition, the expected reports of the Stolypin club, and the Center for strategic research, which is chaired by Alexey Kudrin.
“All the participants are already gathered and agree that such growth rates [4%] achievable after 2018, but some believe that before”, — said Belousov. According to him, this increase without regard to inflation will add over 3 trillion to the GDP. In turn, the state budget will receive 300-400 billion. This exceeds the entire government bailout plan for 2016.
Belousov recalled that at the last Bureau, in 2013, also discussed the stagnation in the economy. “We are now back to rates near zero, and need not to guess where the bottom is, and understand how to grow further,” said assistant to the President. He expressed the opinion that the resources for this growth is — so, companies in the accounts have accumulated large profits. According to the assistant to the President, need to motivate market participants to channel it into investments.
Sources of growth there may be some fiscal incentives. Officials and members of the Council told the publication that the Bureau will consider the idea about how to restore investment incentives. We are talking about a one-time write-off of expenses on equipment and research and development work. This initiative can serve the Stolypin club, said the business Ombudsman Boris Titov.
The President of Russia Vladimir Putin has charged to work a question on tax incentives to industrial enterprises last summer. The Finance Ministry has opposed this initiative. One of the participants of the economic Council stated the need to discuss the risks, but it is suggested that the investment allowance will lead to an increase in profits, and hence to higher income tax. In turn, the official financial-economic bloc questioned the growth of investment and expressed the view that the exemption could lead to a fall in the incomes of the regions.
In an interview with “Vedomosti” Belousov also said that this year further sequestration budget is impossible. According to him, the government has already approached the limits of reduction. “Without additional funding for social infrastructure will deteriorate, social unrest is growing”, — he stated. Assistant to the President called one of the sources of growth in tax increases, but stressed that such a measure will not be discussed until 2018.