The correct answer is option 'A': Lok Sabha, Rajya Sabha, and President.

Explanation:
The Parliament of India is the supreme legislative body in the country. It consists of two houses - the Lok Sabha (House of the People) and the Rajya Sabha (Council of States), along with the President of India. Let's discuss each component in detail:

Lok Sabha:
1. The Lok Sabha, also known as the House of the People, is the lower house of Parliament.
2. It consists of a maximum of 552 members, known as Members of Parliament (MPs), who are elected by the people through direct elections.
3. The Lok Sabha represents the people of India and their interests.
4. The Lok Sabha has the power to introduce and pass bills, debate on various issues, and exercise control over the executive branch of the government by questioning the ministers.

Rajya Sabha:
1. The Rajya Sabha, also known as the Council of States, is the upper house of Parliament.
2. It consists of a maximum of 250 members, known as Members of Parliament (MPs), who are elected by the members of the State Legislative Assemblies.
3. The Rajya Sabha represents the states and union territories of India.
4. The Rajya Sabha plays a crucial role in the legislative process by reviewing and suggesting amendments to bills passed by the Lok Sabha.

President:
1. The President of India is the head of state and the first citizen of the country.
2. The President is the nominal head of the Parliament and exercises certain powers and functions.
3. The President gives assent to the bills passed by both houses of Parliament and has the power to summon and prorogue the sessions of Parliament.
4. The President also addresses both Houses of Parliament at the beginning of each session and on other important occasions.

Conclusion:
In conclusion, the Parliament of India consists of the Lok Sabha, Rajya Sabha, and the President. The Lok Sabha represents the people, the Rajya Sabha represents the states and union territories, and the President is the nominal head of Parliament. These three components work together to carry out the legislative functions of the country.