This paper examines the critical role of macroeconomic factors in shaping the development of the real sector of industry in Uzbekistan. As a cornerstone of economic stability, the industrial sector’s performance is significantly influenced by monetary and fiscal policies, inflation, investment levels, exchange rate stability, and external economic conditions. Using empirical data from 2020 to 2023, the study analyzes how changes in interest rates, VAT reforms, and state incentives affect industrial output and credit availability.