Although the coastal city of Kundapur was once home to a flourishing maritime trade, their economy has been dependent in more recent years on the cotton textile and sugar industries.

The phrasing employed in the sentence is awkward. Since the phrase 'on the cotton and textile industries' refers back to 'dependent', it should directly follow 'dependent', while 'in more recent years' can be placed after 'economy'. Option A and option D are incorrect. Option C uses the verb form 'having', which is not the right word to use to create a contrast against times of the past and the present. Option B is a better choice, as it transitions directly from past simple (for maritime trade) to present simple (for recent economic trends).