The Deepak Parekh Committee was formed for a specific purpose, as indicated by Option 2. The committee was constituted to suggest measures for financing the development of infrastructure. Essentially, their role was to devise ways to fund and support the enhancement and growth of crucial public infrastructure.

Option 1 is not applicable as the committee was not created to study the socio-economic conditions of certain minority communities. This typically would be the aim of a social research or human rights body.

Option 3 is inaccurate because the production of genetically modified organisms is a scientific and agricultural concern, which was not the focus of the Deepak Parekh Committee.

Option 4 is also not the correct answer. Although fiscal matters, spending and budgets are typically involved in infrastructure development, the direct reduction of the fiscal deficit in the Union Budget was not the specific mandate of this committee.