Option 1 -> Matches (C) Al-Hilal with (III) M.K. Gandhi, which is incorrect as Al-Hilal was founded by Abul Kalam Azad.
Option 2 -> Matches (B) Tahzib-ul-Akhlaq with (III) M.K. Gandhi, which is incorrect as it was founded by Syed Ahmed Khan.
Option 3 -> (A)-(I): Bombay Chronicle - Pherozshah Mehta ✓; (B)-(II): Tahzib-ul-Akhlaq - Syed Ahmed Khan ✓; (C)-(IV): Al-Hilal - Abul Kalam Azad ✓; (D)-(III): Young India - M.K. Gandhi ✓
Option 4 -> Matches (A) Bombay Chronicle with (III) M.K. Gandhi, which is incorrect as it was founded by Pherozshah Mehta.
Hence, Option 3 -> The Bombay Chronicle was founded by Pherozshah Mehta (1913), Tahzib-ul-Akhlaq was an Urdu journal by Syed Ahmed Khan (1870) for social reform, Al-Hilal was Maulana Abul Kalam Azad's influential Urdu weekly (1912), and Young India was edited by M.K. Gandhi (1919-1932) to spread nationalist ideas. -> correct