Putin criticized Rostec for modest results in supervised projects

“Modest results have been demonstrated in the areas for which Rostec is responsible. I know that colleagues there will now say that there is not enough funding, or something else. But I’m just stating the very fact of what is happening”, - Putin said (quoted by TASS).

Among the areas listed by the President, projects for the development of 5G networks, the introduction of Internet of things technologies are mentioned.

“And the project for the development of the microelectronic industry had to be completely restarted last year”, - the head of state noted.

At the same time, in mid-May, Rostec CEO Sergey Chemezov, who has been in office since 2007, reported to the President on the large amount of work done for 2021 and a 47% increase in consolidated net profit - up to 163.5 billion rubles.

“A lot has been done in 2021. Our consolidated revenue grew by almost 10 percent and amounted to two trillion 60 billion [roubles]. We have crossed an important psychological milestone of two trillion. We have been striving for this for a long time, and finally last year we overcame this barrier, this milestone”, - Chemezov said during the report.