Explanation:

Correct Answer is (d).According to the given context, it is regarding the provisions of the Personal Data Protection Bill, 2018 and the important points in this new legislation in the country.
Coming to the options, A is not correct since steeped is not the correct word for the second blank whereas competes and stemmed both cannot be used in the given context. Option C is also invalid as the words are not contextual. Only option D can be used since both the words can be used in the given context.
The correct sentence would be:
The Personal Data Protection Bill, 2018 requires that a copy of all personal data of Indian residents be stored on servers in India, often termed “localization.”
This makes option D the correct choice among the given options.