The President of India is elected by the elected members of both houses of Parliament and the elected members of the legislative assemblies of the state. This process ensures that the President is elected by representatives from both the central and state governments, thus reflecting a balance of power between the two.

Electoral College:
The President is elected by an Electoral College, which consists of the following members:

- Members of Parliament: The President is elected by the members of both houses of Parliament, namely the Lok Sabha (House of the People) and the Rajya Sabha (Council of States).
- Members of Legislative Assemblies: The President is also elected by the members of the legislative assemblies of the states and union territories in India.

Voting Process:
The election of the President follows a specific voting process:

- Each member of the Electoral College casts a vote, which is called an "electoral vote."
- The value of each electoral vote is determined by a formula based on the population of the state or union territory.
- The candidate who secures a majority of the total electoral votes is declared the winner. In other words, the candidate who receives more than 50% of the total electoral votes is elected as the President.

Role of Political Parties:
Political parties play a crucial role in the election of the President. They nominate candidates for the position and campaign for their election. The members of the Electoral College, who are affiliated with these political parties, vote for their party's candidate based on party lines.

Importance of State Legislatures:
The participation of the members of the state legislative assemblies in the presidential election is significant as it ensures the representation of the states in the process. This inclusion guarantees that the interests of the states are considered while electing the President.

Conclusion:
The election of the President of India involves a complex process that requires the participation of representatives from both the central and state governments. By involving the elected members of both houses of Parliament and the legislative assemblies of the states, the election ensures a balanced representation and reflects the federal structure of the Indian government.