The correct answer is option 3, The Election Commission.

In India, recognition to political parties is accorded by the Election Commission. The Election Commission is an independent constitutional body that is responsible for the conduct of elections in the country. It oversees the registration and recognition of political parties to ensure transparency and fair competition in the electoral process.

Option 1, The President of India, is incorrect because the President does not have the authority to grant recognition to political parties. The President`s role is primarily ceremonial and does not involve the recognition of political parties.

Option 2, The Speaker of Lok Sabha, is also incorrect as the Speaker of Lok Sabha is responsible for maintaining order and conducting proceedings in the lower house of Parliament, but does not have the power to recognize political parties.

Option 4, The Ministry of Parliamentary Affairs, is not involved in the recognition of political parties. The Ministry of Parliamentary Affairs is responsible for coordinating and supporting the functioning of Parliament, but it does not have the authority to grant recognition to political parties.

Therefore, the correct answer is option 3, The Election Commission.