India is rich in iron ore reserves, and the ranking of states from highest to lowest is based on total reserves and production:
Odisha (IV) has the largest iron ore reserves in India.
Jharkhand (I) ranks second in terms of reserves and production.
Chhattisgarh (III) holds the third position.
Karnataka (II) comes next due to relatively lesser reserves compared to the others listed above.
Therefore, the correct order is: Odisha, Jharkhand, Chhattisgarh, Karnataka.
So, the correct answer is (C): IV, I, III, II.