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The President of India has the power to promulgate ordinances under Article 123 of the Indian Constitution. This provision allows the President to make temporary laws when the Parliament is not in session and an immediate action is needed. The pertinence of this power was evident when the President gave his assent to the ordinance on electoral reforms in 2002 under this Article.
Option 1, Article 121, is not the correct answer because this Article pertains to the restrictions on courts regarding the conduct of Parliament. Option 2, Article 122, deals with matters of procedure in Parliament and has nothing to do with ordinances. Option 4, Article 124, establishes the Supreme Court of India. Therefore, option 3 is the correct answer.
It is important to remember that the Indian Constitution empowers different functionalities through different articles, understanding each is vital to fully grasp the operation of the Indian polity.