Potassium dichromate is a strong oxidizing agent in acidic medium. In acidified solution, dichromate ion undergoes reduction.
The reduction half reaction of dichromate ion is:
$$ \mathrm{Cr_2O_7^{2-} + 14H^+ + 6e^- \rightarrow 2Cr^{3+} + 7H_2O} $$
Here, chromium is reduced from +6 oxidation state in $\mathrm{Cr_2O_7^{2-}}$ to +3 oxidation state in $\mathrm{Cr^{3+}}$.
Potassium iodide acts as a reducing agent and gets oxidized to iodine:
$$ \mathrm{2I^- \rightarrow I_2 + 2e^-} $$
Combining both half reactions, chromium is finally present as $\mathrm{Cr^{3+}}$ in the reaction mixture.
Therefore, the oxidation state of chromium in the final product is +3.
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