@lakshmi If you are not seeing it as this model is not available for new deployments beginning July 6th, 2023. Please refer to Azure OpenAI Service legacy models for details. So, if you don't have any existing deployment please try using the GPT-3.5 Turbo Instruct
as it has the similar capabilities to text-davince-003
however, please note that this model is available in East Us and Sweden Central as of now. Please refer to Regional quota limits.
Please let me know if you have any other questions. Thanks Saurabh