The purpose of of this study is to develop the instrument to measure the effectiveness of public investment in R & D and make timely adjustments to the scientific and technical policy. This will contribute to the growth of fundamental results, patents as well as their commercialization and innovative development of the the overall economy. The article assesses the effectiveness of public investment in research and technological development (RTD), including attracted extrabudgetary funds, on the basis of the authors' methodology for assessing the efficiency of public spending on RTD projects. The main distributors of state budget funds in Russia are the Federal Executive Bodies (FEB). The proposed tool allows first to evaluate the effectiveness of public expenditure on RTD in general, though it does not involve matching FEB among themselves, but only evaluates their work in promoting the development of their assigned research areas in dynamics. This method sets the general rules for evaluation of the effectiveness of state financial support of RTD, defines the key indicators reflecting the performance of such support and the use of science as a tool for ensuring the achievement of indicators and socio-economic development of the state.