The provided answer matches each Indian scientist to their respective area of work correctly.

Option 1: I-D, II-C, III-B, IV-A

I-D - C. N. R. Rao - is a renowned scientist in Solid State Chemistry and Material Sciences, not telecommunication.

II-C - Jagdish Bhagwati - is an eminent economist not a physicist.

III-B - G. N. Ramachandran - is famous for his work in Physics not in economics.

IV-A - Ashok Jhunjhunwala - is a scholar in telecommunication and not in Solid State Chemistry and Material Science.

The rest of the options mismatch the scientists with their respective fields. For example, in option 2: I-B, it suggests C.N.R Rao was a physicist while he is famous for his contribution in Chemistry. Hence, the correct answer is indeed Option 1.