How did FPIs pour in a lot of money into India in the month of February despite problems of the China virus and high inflation?

The first two weeks of February saw nearly Rs.24,617 crore flow into the Indian markets. Out of that sum, Rs.10,426 flowed into equities while a larger Rs.14,191 crore flowed into debt. While the decision of the RBI to maintain the stance as accommodative has been welcomed by most FPIs, it is still surprising that despite inflation coming in at 7.59%, the FPIs are continuing to pour money into debt. When inflation goes up, the real returns on debt go down and Indian debt is already paying negative real returns. The FPIs have reacted positively to the removal of the dividend distribution tax as it is likely to be less cumbersome to the balance sheets and income statements of the Indian corporates. The FPIs are apparently betting that the rupee at 71.40 may also not weaken much further and hence the debt purchases are intended to ride fall in inflation and strength in the rupee.