Volume 04 Issue 12-2024
161
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
04
ISSUE
12
P
AGES
:
161-166
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
ABSTRACT
In this article, we will discuss the importance of industry in the national economy, innovation in industries is used not
only in the production of new industrial products items, but also in the implementation of modern technologies in all
aspects of the national economy, in marketing strategies and management processes, and is an important economic
factor in increasing economic efficiency. In this article, the economic aspects of innovation in the industry sector
were analyzed.
KEYWORDS
Innovation, industrial product, products, economic efficiency, costs, innovation direction, product quality, modern
technologies.
INTRODUCTION
The priorities of reforms carried out in our country
today are aimed at accelerating the introduction of
innovative projects into various sectors of the national
economy, including the production of innovative
products by industrial enterprises, achieving high
economic growth indicators due to the widespread use
in practice of innovation related to management, as
well as further increasing the indicators of Uzbekistan
in global rankings. In particular, the government of our
country has established a long-term strategic mission
to achieve the world's top 50 countries in the Global
Innovation Index international ranking indicators
system by 2030 [1].
In Uzbekistan, priority has been paid to the needs
implemented in recent years in order to shift the
economy to the path of innovation development. In
particular, in the address of the president of the
Republic of Uzbekistan to the Supreme Assembly,
“...as long as we aim to turn Uzbekistan into a
developed country, we can achieve this only with rapid
Research Article
ECONOMIC ASPECT OF INNOVATION IN INDUSTRIES
Submission Date:
December 10, 2024,
Accepted Date:
December 15, 2024,
Published Date:
December 30, 2024
Crossref doi:
https://doi.org/10.37547/ijmef/Volume04Issue12-17
Komolov Sadriddin Khairdinovich
Senior lecturer of the department “Economics”, University of science and technology
, Uzbekistan
Journal
Website:
https://theusajournals.
com/index.php/ijmef
Copyright:
Original
content from this work
may be used under the
terms of the creative
commons
attributes
4.0 licence.
Volume 04 Issue 12-2024
162
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
04
ISSUE
12
P
AGES
:
161-166
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
reforms, educa
tion and innovation” [2], The views of
the president of the Republic of Uzbekistan in the
following years indicate that the research of the
methodological foundations of.
Literature review
“Innovation“ and ”innovation activity” were launched
in Uzbekistan in 1992. The Kupgin Makhalla Law
provides for innovative activities in the field of
medicines, scientific and technical activities and the
provision of high-quality ethanol [3].
In modern science, there are several approaches to
describing the concept of
“innovation “and”
innovation activity”. Some authors describe it as a
targeted and creative activity, consisting of a set of 28
different types of work interconnected in a single
process for the creation and production of innovations,
others note that innovation is the process of using
innovation for the purpose of profit, for commercial
purposes, that is, it is an entrepreneurial activity,
others consider innovation activity as a commercial
activity.
Also, in this work, the innovation activity is understood
as “an activity aimed at using and commercializing the
results of research and development in order to
expand and update the product range and improve its
quality, and improve the methods of their production.”
[4].
At the heart of the process of forming a new quality of
economic systems, the concept of innovation is
defined as the concept of “innovation” as an
introduced innovation that ensures the qualitative
growth of the efficiency of processes or products
demanded by the market [5].
E.I.As described
by alyoxina, “innovation embodies the
creation or transformation of a new product, service,
technology that allows the enterprise to master new
markets, introduce advanced technologies and
modern forms of organizational and managerial
activity” [6].
Innovation activity is the main factor characterizing the
level of economic development of modern society,
which is recorded at the government [7] and local level.
The innovation process involves a consistent
transformation of an idea into a product, going
through the stages of fundamental and applied
research, design developments, marketing, production
and sales [8].
In general, in the current economic conditions,
innovation is an economic process for obtaining the
quality of a new product or services as a result of
production in industrial sectors, the systematic
activation of the service entity itself on the path to
improving the efficiency of further innovation
activities, the creation of a new or updated innovator
of production.
METHODOLOGY
This article focuses on the formation of proposals for
the rapid development of innovative activities in our
country. The article explores the theoretical
Volume 04 Issue 12-2024
163
International Journal Of Management And Economics Fundamental
(ISSN
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2771-2257)
VOLUME
04
ISSUE
12
P
AGES
:
161-166
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
foundations of the concept of innovation, with
comparative approaches summarized.
RESULTS
Industries are a priority source of development of the
economy of each country. In the modern world, the
integration of innovations into production processes
has become a prerequisite for increasing efficiency and
the effective use of resources in this area. In this article,
the economic aspect of innovation and its main factors
are widely covered in industrial sectors.
1. The concept of innovation and its economic essence
.
Innovation is the process of creating, introducing and
using innovations that serve to achieve market
advantage through new products, services or
technological solutions. The economic aspect of
innovation for industries is manifested in several
directions:
Improving production efficiency: time and resources
are saved by automating technology.
Increasing market competitiveness: increases the
possibility of attracting consumers by applying
innovation innovations more in the fields.
Attracting investment: new projects attract foreign
and domestic investment to finance innovation
activities.
2. Factors of the development of innovation in
industrial sectors
. The effective introduction of
innovation depends on a number of factors:
- Technological progress: an increase in investment for
research and development (R&D).
- Labor resources: availability of highly qualified
specialists.
- State support: legislative improvement and financial
benefits.
- International cooperation: exchange of experience
and technology in global markets.
3. Economic results of innovation
. The application of
innovations in industrial sectors has a positive effect on
many areas of the country's economy:
- Reducing production costs: by increasing energy
consumption and raw material economy.
- Creation of new jobs: innovation projects shape the
demand for new professions and jobs.
-
Expanding
export
opportunities:
releasing
competitive products to international markets.
- Social stability: innovations that serve to improve the
quality of life of citizens.
4. Prospects for the development of innovation in
industrial sectors in Uzbekistan
. The introduction of
innovations in industrial sectors in Uzbekistan is one of
the priorities of the state policy, which occupies an
important place in the economic sector of the country.
Some of them are important initiatives:
- Technoparks and innovation centers: creating a
modern infrastructure for the development and
implementation of new technologies.
- Investment environment: providing favorable
conditions for attracting foreign investment.
- Staff training: youth support and retraining programs
with innovative thinking.
Volume 04 Issue 12-2024
164
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
04
ISSUE
12
P
AGES
:
161-166
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
-Cooperation with the private sector: supporting
innovation
through
public-private
partnership
programs.
5. International experiences
. It is possible to draw
important lessons for Uzbekistan from the practices
used in different countries in the world for the
introduction of innovations in industry. For example:
- Germany's "Industry 4.0" strategy: to take production
to a new level through digital technologies and
automation.
- Innovation parks of South Korea: state-provided
financial support for small and medium-sized
enterprises.
-Business environment of Singapore: technology
transfer and startup support.
Innovation activity is based on:
1) the principle of superiority of innovation over
traditional, simple production;
2) the principle of economy of innovation production
(commercial efficiency is envisaged);
3) the principle of flexibility (for each new idea, an
independent innovation structure is formed, but it may
in turn be completely unsuitable for solving other
problems);
4) complex principle (for example, a single bright
discovery can cause the emergence of several small
innovations that depend on it).
Enterprises that have chosen the path of innovation
development are competitive and become leading
companies in the market. Competition based on quality
and timely innovations is considered an important
condition for the duration of the activities of
enterprises and will be a decisive factor in the
development and commercialization of new scientific
results [9].
In the table below, we can see the economic aspects of
innovation in some of the industries (Table 1).
Table 1.
Economic aspect of innovation in industrial sectors [10].
Network name
Innovation type
Cost
Income
increase
Profitability
(%)
Positive
effects
Difficulties
Mechanical
engineering
Introduction of
robotics
50 million
dollars
80 million
dollars
60%
Increase in
production
speed
Tanning with
Inovasion tamons
Electroenergetics
Green energy
technology
35 million
dollars
55 million
dollars
57%
Reducing
environmenta
l impact
Demand for
infrastructure
development
Agrarian industry
Smart farm
devices
15 million
dollars
30 million
dollars
100%
Increased
productivity
Resource
employment
Volume 04 Issue 12-2024
165
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
04
ISSUE
12
P
AGES
:
161-166
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
Transport
Electric buses
75 million
dollars
130 million
dollars
73%
Fuel economy
Support
infrastructure
development
Organizational ideas:
1.Strengthening innovation in economic reforms.
2. Development of innovative research and design
projects.
3. Invesvision providing initiatives.
CONCLUSION
The economic aspect of innovation in industrial sectors
serves the general economy of the country by
improving production efficiency, opening new markets
and ensuring social stability. As a result of the steps
taken in this direction in Uzbekistan, new high value
added products and technologies are expected to
appear in the near future. An important aspect is that
promoting innovation requires active participation not
only from the state, but also from the private sector.
Thus, innovation provides a solid foundation for the
sustainable development of the economy.
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Volume 04 Issue 12-2024
166
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
04
ISSUE
12
P
AGES
:
161-166
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
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