Consider the following statements regarding the Federation of Indian Chambers of Commerce and Industry (FICCI): 1. It was founded in 1942, in the aftermath of the Quit India Movement. 2. It was not recognized by the British Government. 3. Its mandate was limited to that of a trade union. Which of the statements given above are correct?

1. Since the early 1920s, efforts were being made by various capitalists, like G.D. Birla and Purshottamdas Thakurdas, to establish a national level organization of Indian commercial, industrial and financial interests, as opposed to the already relatively more organized European interests in India, to be able to effectively lobby with the colonial government. This effort culminated in the formation of the Federation of Indian Chambers of Commerce and Industry (FICCI) in 1927, with a large and rapidly increasing representation from all parts of India. 2. The FICCI was soon recognized by the British government, as well as the Indian public in general, as representing the dominant opinion, as well as the overall consensus within the Indian capitalist class. 3. The FICCI was, however, not to remain merely a sort of trade union organization of the capitalist class fighting for its own economic demands and those of the nation. The leaders of the capitalist class now clearly saw the necessity of, and felt strong enough for, the class to effectively intervene in politics.