According to a recent study by the IMF, infrastructure spending yields the best results, though it has the 'longest implementation lags. The upper bound for the impact of infrastructure spending is 1.8 i.e., a rupee spent on infrastructure will lead to a ₹1.8 impact on the economy. The upper bound for tax cuts is a third of this, at 0.6 because in uncertain employment conditions, consumers will not spend the money they save through the tax cuts. Government spending like social security, transfers to local governments and assistance to small enterprises are likely to be more beneficial than tax cuts. Given such linkage, infrastructural development is important economic growth, globalisation and technological innovation in manufacturing and for poverty reduction.