Option 1 states that the President of India does have veto power. Veto power refers to the authority of a president or other executive to reject or block a decision made by a legislative body. This means that the President can refuse to sign a bill passed by the Parliament, preventing it from becoming law. This power allows the President to check the actions of the legislative branch and ensure that laws are in line with the Constitution. Therefore, option 1 is correct in stating that the President of India does have veto power.