The correct answer is option 1, Vikrant.

An Indigenous Aircraft Carrier (IAC) is a type of naval ship that is designed and built in the country itself. In the case of India, the first Indigenous Aircraft Carrier is named Vikrant.

Option 2, Virat, is not the correct answer as Virat was not an Indigenous Aircraft Carrier. Virat was a Centaur-class aircraft carrier that was purchased by the Indian Navy from the United Kingdom.

Option 3, Vaibhav, is not the correct answer as no such Indigenous Aircraft Carrier exists with this name.

Option 4, Varaha, is not the correct answer as Varaha is also not the name of an Indigenous Aircraft Carrier.

Overall, it is important to note that the first Indigenous Aircraft Carrier in India is called Vikrant.