India possesses substantial iron ore reserves. The states are ranked from highest to lowest based on total reserves and production as follows:
Odisha (IV) leads in iron ore reserves in India.
Jharkhand (I) is second in both reserves and production.
Chhattisgarh (III) ranks third.
Karnataka (II) follows, with reserves comparatively lower than the aforementioned states.
The correct sequence is: Odisha, Jharkhand, Chhattisgarh, Karnataka.
Therefore, the correct option is (C): IV, I, III, II.