Comprehension Passage
Directions: Read the passage given below and then answer the given questions. Some words may be highlighted for your attention. Read carefully.
From a rare upward swing earlier, India’s goods exports retreated into contraction last month, dipping 2.8% from last year's levels to touch $33.9 billion. Imports dropped 4.33% to $54.5 billion, cooling the merchandise trade deficit to $20.6 billion, almost a third below the previous record high. Sequentially, the decline in imports was sharp, despite the Commerce Ministry lowering the previous import bill by $1.6 billion from the initial $65 billion estimate. On the other hand, though exports contracted, they were higher than the previous tally, which was the lowest in 12 months, yet denoted a year-on-year uptick unlike last month. Such statistical noise may be hard to listen through, but it is clear that exports have recorded their weakest values in a year over the last two months. Similarly, the significant dip in imports can be attributed to factors like a decline in discretionary demand for high-value goods such as gems and jewellery and the global dip in prices of key items like petroleum products. Economists expect the deficit to stay range-bound between $20 billion and $25 billion through the remaining months of the fiscal year. But it is difficult to be certain — one may recall that imports had hit an 11-month high of $60.1 billion before easing over 10% in the subsequent period.
Making sense of such divergences, with a yo-yo effect of sorts every other period, is hazardous and is exacerbated by significant data corrections that have returned after a few months of relative certainty. An earlier goods trade deficit was moderated by nearly three billion dollars, with the overall export-import tally seeing revisions of $5 billion. The magnitude of upward revision in the monthly merchandise trade deficit has averaged around $1.5 billion for some months compared to an average of $0.5 billion earlier in the fiscal year, a QuantEco research note has flagged. At the risk of repeating the obvious, the government must _______ it bases its decisions on. Officials hope for an uptick in exports in the final quarter of the fiscal year, citing similar trends in recent years. With the World Trade Organization expecting global trade flows to strengthen soon and the US Federal Reserve signalling interest rate cuts that other central banks would take a cue from, global demand may perhaps look up more consistently. But to capture that, India needs to do more to compete with rivals. For instance, a rough government-commissioned study on logistics costs indicates they dropped a little over the past decade. Ongoing infrastructure spending may gradually lower them further, but reducing petroleum prices for users, in tandem with global trends, would boost competitiveness far more effectively.
Select the correct option to fill in the blank given in the passage.
At the risk of repeating the obvious, the government must _______ it bases its decisions on.
1
No longer have a firm or secure grip something
2
Cannot focus on anything
3
Abandon the data altogether
4
Get a better grip on the data
5
Suffer from or struggle with data