I. Data consumption and data generation in India is grown exponentially.
II. Any new law, such as IBC, is likely to be tested in the courts before its working becomes predictably smooth.
III. The government has initiated legislative changes arresting the slide and enhance public confidence in the financial system.

Sentence I is incorrect as according to rules, if a principle verb used after ‘is’ in present continuous tense, the verb must be in –ing form. Hence, the correct sentence is-‘ Data consumption and data generation in India is growing exponentially Sentence III is incorrect as there is an error in the usage of the verb in the part- initiated legislative changes arresting the slide. The correct usage would be ‘initiated legislative changes to arrest the slide’. The correct sentence is The government has initiated legislative changes to arrest the slide and enhance public confidence in the financial system.