OREANDA-NEWS The bet on private business from 1991 to 1994 was justified, Russia became the fourth economy in the world in terms of purchasing power parity, said Maxim Reshetnikov, Minister of Economic Development of the Russian Federation.

"The bet on private business as a whole has paid off. Today, according to the World Bank, we are the fourth economy in the world (in terms of purchasing power parity - ed.), and the president sets goals to further increase investments in the economy. Let me remind you that we have a goal of 60% (investment growth relative to 2020 - ed.) by 2030. To capitalize on the stock market, its volume now stands at 51 trillion rubles. But we must continue to significantly increase this volume to 66% of GDP, and to 75% by 2036. All this cannot be done without reliable property rights," said Reshetnikov, speaking at the Council for the Codification of Civil Legislation.

He recalled that in the 1990s, for the transition to a market economy, the privatization of state property was considered a necessary condition for the development of the new Russia, it was supposed to form a class of small and medium-sized owners to overcome the country's systemic crisis.

"Moreover, it's not only and not so much about large facilities. From 1991-1994, 110,000 state-owned enterprises were privatized. Of these, 80,000 are small and medium–sized enterprises, including retail, catering, and service enterprises. In many ways, today they form more than 20% of the economy, which is formed by the small and medium-sized business sector, where 6 million 800 thousand small businesses operate," he said.