Directions: In the questions given below, a statement has been provided with a part of it highlighted in bold. You are required to replace this bold part with one of the options given below in order to make it contextually and grammatically meaningful. If the statement is correct, please mark option E- no correction required- as the answer.

Despite being a benchmark of agricultural growth during the green revolution, agriculture in Punjab is be undergo the phase of declining farm profitability and increasing indebtedness.

I. is going through a stage

II. Had undergoing a period

III. is undergoing a phase