Italian government's grants to industrial companies have decreased in the last years. Moreover, during the period 2000-2007, less than 25% of total incentives aimed at sustaining industrial R&D and internationalization activities. In absence of an effective public aid policy, in 2007 Italian industrial companies were still focused on traditional manufacturing industries and were suffering due to an increasing competition from emerging countries. They decreased their manufacturing activity's value added, showed lower technological growth, as well as decreased financial indebtedness, and increased their return on equity. Most industrial companies that had received government's aids didn’t improve their performances, with the exception of the so-called Made in Italy and the Transportation equipment manufacturing sectors, that show an improvement of their economic performances in presence of state subsidies.