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Option 1: Lieutenant - This is the lowest commissioned officer rank in the Indian Army. It is equivalent to the rank of Flying Officer in the Indian Air Force, which is lower than Wing Commander. Therefore, this option is incorrect.
Option 2: Captain - This is a higher rank than Lieutenant in the Indian Army. However, it is still lower than Wing Commander in the Indian Air Force. Therefore, this option is incorrect.
Option 3: Lieutenant Colonel - This is a relatively higher rank in the Indian Army compared to Lieutenant and Captain. However, it is not equivalent to the rank of Wing Commander in the Indian Air Force. Therefore, this option is incorrect.
Option 4: Colonel - This is a senior officer rank in the Indian Army, and is equivalent to the rank of Group Captain in the Indian Air Force. It is higher than Wing Commander in the Air Force. Therefore, this option is incorrect.
Alert - correct answer should be Group Captain: The equivalent rank of Wing Commander in the Indian Army is Group Captain in the Indian Air Force.