The correct answer is option 3: The President of India on the advice of the Prime Minister of India.

According to the Constitution of India, the power to dissolve the Lok Sabha, which is the lower house of the Parliament, before the completion of its term lies with the President of India. However, the President exercises this power on the advice of the Prime Minister of India.

The Prime Minister is the head of the government and is responsible for the day-to-day administration of the country. The Prime Minister, being the leader of the ruling party or coalition of parties, has a significant influence in the functioning of the government and has the authority to advise the President on matters such as dissolution of the Lok Sabha.

Therefore, it is the President of India who officially dissolves the Lok Sabha, but this action is taken based on the advice of the Prime Minister. It is important to note that the power to dissolve the Lok Sabha is to be used judiciously and in accordance with the provisions of the Constitution.