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Option 1: Extending the benefits of Reservation on the basis of Mandal Commission Recommendations - This is not correct. Article 243 of the Constitution of India does not deal with the extension of reservation benefits based on the Mandal Commission recommendations. The Mandal Commission recommendations were implemented through separate laws and orders.
Option 2: Land Reforms - This is not correct. Article 243 of the Constitution of India does not deal with land reforms. Land reforms are governed by separate laws and policies in the country.
Option 3: To include Konkani, Manipuri, and Nepali in the list of official languages - This is not correct. Article 243 of the Constitution of India does not deal with the inclusion of languages in the list of official languages. The list of official languages is determined by the Eighth Schedule of the Constitution.
Option 4: Panchayati Raj System - This is the correct answer. Article 243 of the Constitution of India deals with the establishment and functioning of the Panchayati Raj System. It provides for the creation of Panchayats at the village, intermediate, and district levels and outlines their powers and functions.