Explanation:

- Option 1: Election Commission

- This is the correct option.

- The Election Commission of India is responsible for giving recognition to political parties.

- It classifies them as national or state parties depending on their performance in elections.

- Option 2: Speaker of Lok Sabha

- The Speaker is the presiding officer of the Lower House of Parliament.

- The Speaker does not have the authority to recognize political parties.

- Option 3: President

- The President is the ceremonial head of the country.

- No involvement in recognizing political parties.

- Option 4: Law Commission

- It is an advisory body on legal reforms.

- Not involved in political party recognition.