Modern problems of Russian economic development, one of which is the low level of investment and innovative activity of industrial enterprises are considered. Analysis of relevant factors allows us to identify ways to improve the state industrial policy which is providing stimulation of investment activity. Mechanism of tax regulation is regarded as one of the priorities, it allows us to generate a steady cash flow of investments into the real economy and to diversify and modernize production.

Key words: industrial production, state industrial policy, investment activity, tax regulation, manufacture modernization.