Explanation:

Golden Rice is a genetically modified rice variety engineered to biosynthesize $\beta$-carotene, which is a precursor to Vitamin A. This modification aims to combat Vitamin A deficiency, particularly in developing countries. Option (1) is correct because its defining trait is the production of $\beta$-carotene. Option (2) 'Insect resistant variety' refers to crops like Bt cotton or Bt corn, which produce toxins harmful to specific insect pests. Option (3) 'High on herbicide resistant trait' describes crops like Roundup Ready soybeans, designed to withstand broad-spectrum herbicides. Option (4) 'High yielding variety' is a general goal of many crop breeding programs, including some GM crops, but not the specific, unique characteristic of Golden Rice.