The article focuses on key reasons for capital formation relative lagging during the economic upturn. Still not clear property rights, the long process of formatting of the ownership, weak corporate governance have delayed the turnaround to the investment boom. The structure of economy, sales and industry profitability determines the structure of investments, but it does not lead to sufficient investments in the research sector and manufacturing. The financial sector shows high dynamics, but it can not supply enough long money with a huge export of capital. Capital formation has not been influenced by any investment policy. In essence it was the Inertia scenario which during the long crisis led to aggravating problems in the economy. These problems have not been solved in the upturn. This situation stimulates the government to use its financial resources in the context of the Mobilization scenario that creates more difficulties for the Modernization scenario.