Efficient Data Fetching with Axios and Error Handling in React Components

1. We import Axios and useState from React.
2. We define a functional component MyComponent which initializes state variables data, error, and loading using useState.
3. We use the useEffect hook to perform the data fetching operation when the component mounts. Inside useEffect, we define an asynchronous function fetchData which uses Axios to fetch data from an API endpoint.
4. We handle success by setting the fetched data to the data state variable.
5. We handle errors by setting the error to the error state variable.
6. We set the loading state variable to false once the data fetching operation completes.
7. In the JSX, we conditionally render loading, error, and data based on their respective states.
8. Finally, we export FetchData as the default export.