Innovative Systems Influence on the Economic Growth of the Volga Federal District of the Russian Federation

In this article we analyzed a correlation between innovative activity of the region and the level of gross regional product. Innovative activity is examined for regions where it has both direct and indirect influence. The purpose of this study is to identify potential opportunities of using innovative activities in the wealth creation process and its impact on the level of gross regional product for Volga Federal District of Russia. Also we considered this activity as a tool to stimulate economic growth and the development of the region. From the majority of indicators that used to characterize innovation sector, we chose and analyzed the main and most important ones: internal expenditures on innovations, number of researchers, and a number of patents. During the study the measures to stimulate innovative sectors have been recognized.