The modernization of the industry through innovation

The article considers the problems of industry innovative development. The authors discuss the measures of economic management for meeting the challenges of innovative development, the factors of innovative development of industrial enterprises, and the factors constraining the growth of innovative production. It is noted that the domestic market of high-tech products is poorly developed and in need of state regulation, particularly in the machine-building sector. All participants of the innovation process need to collaborate effectively in order to achieve the goals and objectives of the industry modernization.