Problems of Light Industry Development in Modern Russia

The presented study characterizes light industry, emphasizes the importance of examining the state of this industry, and identifies the major problems in its development. Aim. The study aims to identify the most important problems in the Russian light industry and trends of its development. Tasks. The authors analyze the contribution of light industry to the country’s GDP; conduct a comparative analysis of the structure of light industry; identify the major problems and trends of development in light industry; determine the prospects for its efficient functioning. Methods. This study uses general scientific methods of cognition, tabular and graphical methods to examine the problems and prospects of light industry development. Results. Nowadays, light industry is understood to include a variety of industries specializing in the production of consumer goods. Additional products resulting from the development of this industry are adapted for use in other spheres. Light industry includes three sub-industries: textile, clothing, and leather. The volume of sales of light industry products depends on such factors as consumer demand and the existence of foreign manufacturers importing goods of higher quality to the domestic market. The primary problem of development of this industry is the lack of investment combined with the obscure prospects and limited attractiveness of light industry and its enterprises for investors. Conclusions. The share of domestic manufacturers in the market of light industry products is less than 50%, the rest being manufacturers from China, Turkey, etc. Domestic light industry products are generally inferior in quality to their foreign counterparts. Light industry is closely associated with agriculture and the chemical industry, and the key to its development lies not only in the production of clothing, shoes, bags, bedding, etc., but most importantly in the manufacturing of products that would meet the requirements of other industries. It should also be noted that light industry provides a large number of jobs, with most employees being women. The government should pay attention to the problems and prospects of the efficient functioning of light industry under modern conditions, encourage domestic manufacturers, and consider providing government support for small and medium enterprises engaged in the production and sale of light industry products.