Which of the phrases given below the sentence should replace the word/phrase given below in bold in the sentence to make it grammatically correct? If the sentence is correct as it is given and no correction is required, mark 'No correction required as the answer.
Despite of being the world’s biggest consumer of silk and its second-largest producer, India does not fare too well on the sericulture scene.
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Despite be the world's largest consumer of silk
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In spite being the world's biggest consumer of silk
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Despite being the world's largest consumer of silk
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Despite being world largest consumer of silk
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No correction required