The article deals with modern scientific concepts and approaches to the formation of cluster policy as the main tool for improving competitiveness and innovative development of regional and national economies. The problems and development trends of the economy and the clustering mechanism of forming and implementing programs and projects to promote the development of regional clusters. Particular attention is paid to the process of revitalization of cluster initiatives and their possible implementation in the Russian regions. We give the term «cluster initiatives» and revealed their substantial foundation that is forming and implementing programs and projects aimed at the development of regional innovation clusters. The objectives of cluster initiatives are settled and their role in the development of national and regional economies is defined. The article highlights the urgency to develop regional innovation clusters, allowing for effective transformation of inventions into innovations and innovations – in a competitive advantage. It defines the main goal of regional clusters, which is to enhance the development of innovation-oriented and high-tech enterprises in different fields. International experience of cluster initiatives has been researched, which allows us to emphasize the dynamism of most world governments to implement the process of clustering the national economies. Cluster initiatives have become a basic element of development strategies in most countries. The authors have researched a number of key laws and regulations which define the scope of the cluster policy and regulate the activity of clusters. The article identifies a number of legal, institutional and financial constraints to the implementation of cluster initiatives in the territory of the subjects of the Russian Federation. The article emphasizes the role of the state in forming the effective cluster policy aimed at promoting institutional development of clusters and creating conditions for their effective functioning, the urgency to develop cluster initiatives as a tool for developing innovation territorial clusters in Russia. The article defines objectives and guidelines for further development of initiatives aimed at the creation and development of regional innovation clusters.