Strengthening of consumer demand during crisis

The state social policy in the context of the economic crisis faces many challenges, including a decline in living standards and unemployment, which leads to a slowdown in the development of the social sphere. However, according to the Chairman of the Federation Council Committee on Social Policy, Valery Ryazanskiy, it's possible to encourage a strengthening of consumer demand in the limited budgetary possibilities, which will provide further impetus to the development of economic arrangements.

The senator believes the ability to use long-term money to be the main direction. "Three trillion rubles of pension savings is a resource that today does not have a clear prospect of being used [except for the financial instruments that have been very traditional for us]. These are securities, bank deposits and so on. I have not heard any proposals from the financial and economic bloc about a meaningful use of long-term money in the big perspective, which would create a pattern of stable reliable investments, which would provide a social effect".

However, according to Ryazansky, money could be invested in expanding the gas network of the country: "This is a reliable source of sales and receipt of funds from the public. The questions of the construction of roads, the issues of construction of their own homes – all this would be a way of a long-term application of these funds."

As for import substitution, according to the senator, the issues of investment funds in crop production, the development of gardens and gardening farms today are very, very attractive. The money invested in the creation of innovative, technological lines for the production of modern medicines allow the cost for citizens to be reduced and, hence, the health sector and treatments. 

Ryazansky said that import substitution can be applied in full measure to the tourism industry. "I continue to aggressively fight for two laws, which have already been asking to be accepted in our market for the last 20 years. It's about supporting social tourism. Questions are frequently asked – by whom and how to replace Turkey, to replace Egypt? In answering this question we are looking at the price line of the tour operators against the example of last year. It is hard to fully replace everything, but, nevertheless, in the framework of comparative analyses, we can talk about Bulgaria, the Krasnodar coast, the Crimean coast, the Azov Sea coast and Sochi. We could create a very competitive import substituting chain of offers in the market of tourist services. And this market is very, very receptive."