ibps-rrb-oa 2021 · Question 44 of 55
The present perfect tense refers to an action that began at some time in the past and is still in progress. Thus, it has to be present perfect tense. “Decline of” is used to refer to a person, an organisation, a nation or some other established entity, whose power/influence/status/health/etc is decreasing and “decline in” is used more for quantitative or measurable things, or for characteristics that may vary in degree. So, the correct phrase is “has been a sharp decline in”.
Source: IBPS RRB Clerk Mains Previous Year Paper 2021 (Questions) - BankersAdda · memory-based
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