Problems and potential of industrial modernization in Tambov region

The sanctions standoff, the growing global crisis, and the pandemic have exacerbated issues of supporting regional economy. The chronic subsidized nature of Tambov region’s economy requires the development of a system of measures to modernize the region’s industrial potential. The present study is based on data from Rosstat, Tambovstat, Economic Policy Department of Tambov region. The study analyzes the dynamics and structure of industrial production; assesses the strategic position of the industrial potential of Tambov region; identifies the main constraints to the development of the region’s economy. In addition, recommendations are given to accelerate the development of industry in Tambov region. The results of the study can be used for further theoretical research on the development of the industrial potential of the region. The practical aspect of the study is that it is possible to adjust industrial modernization programs in Tambov region based on the results of this study. The results of the study revealed that the acceleration of modernizing the industrial potential of Tambov region requires a solution to several problems, such as eliminating administrative barriers; increasing resource efficiency by reducing energy, resource intensity of production and productivity growth; strengthening the role of the innovation factor in the development of industrial production; expansion of the potential growth industries of the manufacturing sector; deepening the processes of modernization and diversification of industry.