The Government of the Russian Federation has signed a decree that will allow this year to provide subsidies to light industry to compensate for part of the costs of servicing loans.

Subsidies will be provided to organizations that have passed the competitive selection. The selection criteria are the degree of growth in the volume of sales of light industry goods and the ratio of the annual volume of production of light industry goods and the amount of the requested subsidy.

According to Prime Minister Dmitry Medvedev, this money will reduce the credit burden and, accordingly, increase the profitability of production in the industry, reduce the cost of production, so that loan payments do not restrain the possible expansion of production or its re-equipment and create new jobs. The federal budget for 2017 provides funds in the amount of 565.45 million rubles for these purposes.

Speaking directly about the list of measures to ensure stable socio-economic development of the Russian Federation in 2017, the Prime Minister said that it includes measures to support individual industries.

"Basically, these are operational solutions, and they involve additional financing in addition to those resources that are already provided in the budget for the current year, totaling up to 107.5 billion rubles," Dmitry Medvedev noted.