According to the Preamble, the ultimate power lies in the hands of the people. The Preamble is the introductory statement to the Constitution of a country. It sets out the goals and objectives of the Constitution and the principles on which the country is based. In the case of this question, the Preamble establishes that the power of the government is derived from the people themselves. This means that the people have the ultimate authority and control over the government and its actions. While the other options mentioned in the question, such as Parliament, Constitution, and the President, all play significant roles in the functioning of a democratic government, they derive their power from the people and are accountable to them. Therefore, the correct answer is option 4 - People.