Hi there @karthikz 
You’re not doing anything wrong! I was able to reproduce that same error when using Slack’s API Request action. It seems that something has since changed to the authentication scopes the API Requests use.
I can see there’s a feature request open for to increase the scopes so I’ve added your vote to that which will help to increase its priority. I can’t make any promises as to when the additional permission scopes will added but we’ll be sure to email you as soon as they are.
That said, I tried setting up a Custom Action to get the reactions it worked so I’d recommend using that approach for now.
I used the a prompt of “Want to make a request to Slack's https://slack.com/api/reactions.get endpoint. Need to specify the Channel ID and Timestamp of the message” and the Copilot then generated a custom action that I could then use in a Zap:

Once you Publish the custom action you’ll then be able to select it from the Custom actions tab in your Zap:

From there you’d just need to select the Channel and the Timestamp for the message you want the Zap to get the reactions for:


You can learn more about custom actions here: Create a custom action.
Hope that helps to get things up and running in the meantime. If you run into any trouble setting up that custom action just let me know! 
Hey @karthikz 
Just following up here to confirm that feature request has been closed. In case you missed the email notification that was sent here’s the important details from it:
“The Make API Request action is in beta and not all scopes for all endpoints in the Slack app can be supported. A recent update to the integration may mean that previously supported scopes can no longer be included as available in Make API Request calls to the Slack API. To resolve this issue, you'll either want to select from existing Slack triggers/ or actions. Or, you will be able to restore those calls by building a custom action as detailed here: https://help.zapier.com/hc/en-us/articles/16276574838925-Custom-Actions-in-Zapier”
That being the case, anyone running into that "Requires scope `reactions:read`" error will need to use the custom action, as outlined in the workaround I shared earlier.
Happy to help if anyone runs into trouble setting that up. In the meantime, happy Zapping! 