The correct answer is option 3: 5 hours and 30 minutes.
The Indian Standard Time (IST) is the time used in India as a standard time throughout the country. It is based on the 82.5°E longitude, which is known as the Indian Standard Meridian.
Greenwich Mean Time (GMT) is the mean solar time at the Prime Meridian, which is located in Greenwich, London, and is used as a reference for timekeeping around the world.
The time difference between IST and GMT is due to the geographical location of India compared to the Prime Meridian. India is located to the east of the Prime Meridian, which means that it is ahead in time. The time difference between IST and GMT is 5 hours and 30 minutes.
Therefore, option 3 is the correct answer, as it accurately represents the time difference between Indian Standard Time and Greenwich Mean Time.