In the given question, a passage with seven blanks is given and the options for the blanks are jumbled. You are required to fill the correct word in the blanks.

The past year has been marked by some major reforms. The___(A)____ (encountered) Goods and Services Tax (GST) was launched in July 2017. With a policy change of such scale, scope, and complexity, the transition unsurprisingly___(B)___ (large) challenges of policy, law, and information technology systems, which especially affected the informal sector. Expeditious responses followed to rationalize and reduce rates and compliance burdens. 

At the same time, ____(C)____ (advanced) action was taken to grasp the nettle of the Twin Balance Sheet (TBS) challenge, arguably the festering, binding___(D)___ (especially) on Indian growth prospects. On the 4 R’s of the TBS—recognition, resolution, recapitalization, and reforms—recognition was___(E)___ (decisive) further, while major measures were taken to address two other R’s. The new Indian Bankruptcy Code (IBC) has provided a resolution framework that will help corporates clean up their balance sheets and reduce their debts. And in another critical move, the government announced a___(F)___(transformational) recapitalization package (about 1.2 percent of GDP) to strengthen the balance sheets of the public sector banks (PSBs). As these twin reforms take hold, firms should finally be able to resume spending and banks to lend___(G)___ (constraint) to the critical, but-currently-stressed sectors of infrastructure and manufacturing.