Read the following statements around FDI in India.

1. During FY 2020-21 total FDI inflow of $58.37 bn, 22% higher as compared to the first 8 months of 2019-20.

2. FDI inflows in India have consistently increased since FY 2014-15.

3. FDI equity inflow grew by 120% in the first three months of the FY 2021-22.

Which of the given statements is/are true.

Analysis of the Statements

Statement 1 (Incorrect): While the total FDI inflow for FY 2020-21 was indeed a record high (reaching approximately $81.72 billion for the full year), the figure of $58.37 billion cited in the statement refers specifically to FDI Equity Inflow for that year, not the "Total FDI" (which includes re-invested earnings and other capital). The phrasing comparing it to only the "first 8 months" of the previous year makes the statistic contextually inconsistent.

Statement 2 (Incorrect): FDI inflows in India have not consistently increased every single year since 2014-15. While the overall trend has been upward over the decade, there have been specific years (such as FY 2022-23) where inflows saw a contraction due to global economic headwinds, interest rate hikes by the US Fed, and geopolitical tensions. In the UPSC context, words like "consistently" or "steadily" are often "extreme" qualifiers that make a statement false if even a single year of decline exists.

Statement 3 (Correct): During the first quarter (April–June) of FY 2021-22, FDI equity inflows saw a massive surge of 168% (often rounded or cited as over 120% in various economic summaries) compared to the same period in 2020-21. This was largely due to the low base effect from the previous year's COVID-19 lockdowns and a few massive investment deals in the digital and tech sectors.