The correct answer is option 'C', which is the Malwa plateau. The Malwa plateau is located in the northwestern part of India, lying between the Aravali and the Vindhya range. Let's delve deeper into understanding the Malwa plateau and its geographical features.

Geographical Location:
The Malwa plateau is situated in the central part of India, primarily covering the state of Madhya Pradesh. It stretches over an area of approximately 36,000 square kilometers. The plateau is bounded by the Aravali range in the west and the Vindhya range in the east.

Formation and Characteristics:
1. Geological processes: The Malwa plateau was formed due to various geological processes over millions of years. It consists of sedimentary rocks, predominantly sandstone and shale, which were deposited during the ancient times when the region was submerged under a shallow sea.
2. Flat and elevated terrain: The plateau is characterized by a relatively flat and elevated terrain, with an average elevation ranging from 450 to 500 meters above sea level.
3. River systems: Several important rivers originate from or flow through the Malwa plateau, including the Chambal, Betwa, and Narmada. These rivers have played a significant role in shaping the landscape of the region.
4. Black soil: The plateau is known for its fertile black soil, which is ideal for agriculture. This has made the Malwa region one of the major agricultural regions of India, known for the production of crops like wheat, soybean, and cotton.
5. Climate: The Malwa plateau experiences a semi-arid climate with hot summers and cool winters. The average annual rainfall ranges from 700 to 1,200 millimeters.

Importance and Significance:
1. Agricultural productivity: The fertile black soil and availability of water from the rivers have contributed to the high agricultural productivity of the Malwa plateau. It is known as the "granary of Madhya Pradesh" due to its significant contribution to food grain production.
2. Historical and cultural significance: The Malwa region has a rich history and cultural heritage. It was an important center of the Mauryan and Gupta empires in ancient times. Many historical monuments, such as the ancient city of Ujjain and the Sanchi Stupa, are located in this region.
3. Industrial development: In addition to agriculture, the Malwa plateau has also witnessed industrial development. Cities like Indore and Bhopal have emerged as major industrial and commercial centers, contributing to the economic growth of the region.

In conclusion, the Malwa plateau lies between the Aravali and the Vindhya range. Its unique geographical features, fertile soil, and historical significance make it an important region in central India.