The correct answer is option 'C' - Communist Party of India.

Explanation:
The first General elections in India were held in 1951-1952 after the country gained independence from British rule. In these elections, the party that won the second-largest number of Lok Sabha seats was the Communist Party of India (CPI).

1. Background:
- The Communist Party of India (CPI) was founded in 1925 and played a significant role in the Indian independence movement.
- The party advocated for socialism and the rights of the working class, peasants, and marginalized sections of society.
- The CPI believed in a classless society and fought for the rights of workers, farmers, and the poor.

2. Performance in the First General Elections:
- The first General elections in India were highly competitive, with multiple political parties vying for seats in the Lok Sabha.
- The Indian National Congress, led by Jawaharlal Nehru, emerged as the largest party and formed the government.
- The Communist Party of India (CPI) secured the second-largest number of seats in the Lok Sabha.

3. Significance:
- The success of the Communist Party of India (CPI) in the first General elections showcased the support for socialist and left-leaning ideologies in the country.
- The party's performance indicated a significant base of support among workers, peasants, and marginalized sections of society.
- The presence of a strong communist party in the Indian political landscape added diversity and represented the aspirations of a large section of the population.

4. Impact:
- The Communist Party of India (CPI) played a crucial role in shaping Indian politics and policy-making during the early years of independence.
- While the party did not form the government at the national level, it had a presence in various state governments and influenced policies related to land reforms, workers' rights, and social justice.
- Over the years, the party's influence has fluctuated, and it has faced challenges from other political parties.

In conclusion, the Communist Party of India (CPI) won the second-largest number of Lok Sabha seats in the first General elections held in India. This reflected the support for socialist ideologies and the party's focus on the rights of workers, peasants, and marginalized sections of society.