Step 1: Match each artist in List-I with their well-known sculpture in List-II.
(A) Lydia Mehta is known for her sculpture titled (I) Dancer.
(B) Ved Nayar created the significant installation work (II) Despair and hope of Kalpavriksha.
(C) Mrinalini Mukherjee named many of her hemp sculptures after nature deities; (III) Vanshri (Forest Deity) is a prime example.
(D) Ratnabali Kant is the creator of the work titled (IV) Global Agony.
Step 2: Assemble the sequence.
The pairings are a direct match: (A)-(I), (B)-(II), (C)-(III), (D)-(IV). This matches option (4).