Step 1: Check statements I to III.
Political parties do build public opinion through campaigns and meetings, they act as the opposition when not in power by questioning the government, and they present their programmes to voters through manifestos, so all three are correct.
Step 2: Check statement IV.
Foreign policy is framed by the government, mainly the Council of Ministers and the Ministry of External Affairs, not by political parties as a general function, so statement IV is wrong.
Step 3: Match to the options.
Since I, II and III hold true but IV does not, the option listing only I, II and III fits.
Hence, the correct answer is option (A) Only I, II and III are correct.