This sentence needs two words that fit the achievement of a musician and the way an award or title is given to him. The first blank describes the kind of musician, and the second blank describes what was done to him with the title.
The correct pair is "Accomplished..... honoured", since the musician's skill led to an award, and the natural phrase for a title is "honoured with the title of Rai Bahadur".
Let's summarize:
So the correct option is (c), "Accomplished..... honoured".
If the price of a commodity increases by 25%, by what percentage should the consumption be reduced to keep the expenditure the same?