Explanation:

India for the first time devalued its currency after 1991 to resolve India’s Balance of Payment crisis: This statement is incorrect. India did undergo a significant economic reform in 1991, but the devaluation of the Indian rupee occurred earlier, in 1966, due to a Balance of Payments crisis. The 1991 reforms included broader economic liberalization measures.

The devaluation of the Indian rupee in 1991 led to an increase in the inflow of foreign exchange: This statement is incorrect. Devaluation, in itself, is typically associated with a decrease in the value of a country's currency relative to other currencies. It does not lead to an increase in the inflow of foreign exchange.

Countries that have a floating exchange rate use this as a monetary policy tool: This statement is correct. In countries with a floating exchange rate system, the value of the currency is determined by market forces, and central banks may use devaluation or revaluation as monetary policy tools to achieve economic objectives.