Step 1: Understanding the Concept:
This question requires matching major schools and artists' groups of modern Indian art with a key artist associated with each.
Step 3: Detailed Explanation:
(A) Bengal School: Nandalal Bose was a star pupil of Abanindranath Tagore and one of the most important artists and teachers of the Bengal School. He later headed the Kala Bhavana at Santiniketan. So, (A) matches (III).
(B) Baroda Art School: K.G. Subramanyan was a pivotal figure at the Faculty of Fine Arts in Baroda for many decades. His teaching and artistic practice profoundly shaped the identity of the Baroda School. So, (B) matches (II).
(C) Calcutta Group: Prodosh Das Gupta, a sculptor, was one of the founders and a leading member of the Calcutta Group, which was formed in 1943. So, (C) matches (IV).
(D) Group 1890: J. Swaminathan was the main ideologue, founder, and spokesperson for Group 1890. He wrote the group's manifesto. So, (D) matches (I).
Step 4: Final Answer:
The correct matching sequence is (A) - (III), (B) - (II), (C) - (IV), (D) - (I).