Financial aspects of the Russian textile industry growth

Subject. The article addresses the economic activity of textile industry enterprises in Russia. Objectives. The study aims to determine financial characteristics of the main growth factors of the textile industry and directions of the industry development in the field of industrial production in Russia. Methods. We applied general scientific and special methods of scientific cognition, such as systems, functional-structural, and financial analyses. Results. We performed the analysis of financial indicators of textile industry enterprises to consider internal growth opportunities of the innovative development of the industry, investigated the main problems of the textile industry, substantiated recommendations for further development of the industry in Russia. Conclusions. The main objectives of State support for textile industry enterprises should include providing the necessary financing for new industries development, reducing the tax pressure on enterprises engaged in export of products, developing import substitution programs, and supporting innovative development.