Step 1: Match each medium with the artist most strongly associated with it.
(C) Oleographs: Raja Ravi Varma (IV) is famous for popularizing fine art in India by creating affordable oleographs (lithographic prints) of his paintings of gods and goddesses.
(A) Acrylic Colours: M. F. Husain (I), a leading figure in modern Indian art, was known for his bold and prolific work, frequently executed in the quick-drying medium of acrylics.
(B) Oil Pastels: The French Impressionist Edgar Degas (III) was a master of pastels, using them to capture the movement and light of his subjects like dancers and racehorses.
(D) Water Colours: Milind Mullick (II) is a contemporary Indian artist celebrated for his atmospheric and expressive watercolor paintings.
Step 2: Combine the matches: (A)-(I), (B)-(III), (C)-(IV), (D)-(II). This combination matches option (3).