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The correct statement from the given options is option 1, which is "1. The election of the Speaker of Lok Sabha is conducted by the Election Commission of India."
Option 1 is correct because the election of the Speaker of Lok Sabha is indeed conducted by the Election Commission of India. The Election Commission is responsible for overseeing the electoral process in India, including the election of the Speaker.
Option 2 is incorrect because the Speaker, upon assuming office, is required to make and subscribe an oath or affirmation. This is a standard protocol for individuals assuming important positions in the government.
Option 3 is incorrect because the Speaker does exercise a casting vote in case of equality of votes. The casting vote allows the Speaker to break a tie and make a decision in situations when both sides have an equal number of votes.
In conclusion, only option 1 is correct. The Speaker of Lok Sabha is elected by the Election Commission of India.