Who among the following has the power to promulgate ordinance?

The correct answer is Option 2 - President

In India, the power to promulgate ordinances is vested in the President under Article 123 of the Indian Constitution. An ordinance is a temporary law enacted by the executive branch (President) when Parliament (or State Legislature, in the case of state ordinances) is not in session. The President can issue ordinances on matters that fall within the legislative competence of Parliament, subject to certain conditions:

The power to promulgate ordinances allows the executive to address urgent legislative matters when Parliament is not in session. However, ordinances have the same force and effect as laws enacted by Parliament and must be approved by Parliament within a specified period to continue in force.