The authors have made an attempt to determine the vector of modernization of the Russian industry. Two global issues have been analyzed: first, innovative, raw-material and mixed ways of diversification, as well as the ways to optimize them, and second, mechanisms of public-private partnership. A new phenomenon in the Russian economy has been studied: creation, under state control, of global holdings in aerospace industry, shipbuilding, machinery, nuclear industry, nano-industry, residential utilities. The authors have also researched into the complex problems of the Russian industry diversification on the basis of radical modernization of the national technological, institutional and personnel management systems in the basic industries of the fuel complex, machinery and defense-industrial complex, metallurgy, chemical and forest industries, infrastructure complex (transport, communication, residential utilities).