An effective industrial policy in the context of globalization is becoming increasingly possible thanks to the use of a proactive strategy based on the principles of the New knowledge economy. It is not so much import substitution and support for extensive production that comes to the fore, but rather the strengthening of quality potential, primarily in the field of IT, innovation and education as the main sphere of human capital creation. Purpose of this article is to identify the strengths and weaknesses of Russian industrial policy and to show that only a proactive industrial policy can achieve the best results in a modern innovative economy. The authors use research methods such as an analysis of the theoretical aspects of an effective industrial policy of the future using soft power tools based on the concept of economic security, as well as an analysis of Russian experience in this area. This analysis is based on data from statistical indicators of industrial policy and assessment of import substitution coefficients. Based on this, the authors conclude that the success of the import substitution policy directly depends on whether it is an immanent part of economic policy or is carried out solely for political reasons.