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The correct answer is option 2, which states that the emolument payable to the President has been raised to Rs. 1.50 lakh from Rs. 50,000 per month. Emoluments refer to financial benefits or salaries received by individuals in high-ranking positions. In this case, the Cabinet Committee on Economic Affairs has decided to increase the emoluments of the President, Vice-President, and Governors.
It is important to note that options 1 and 3 are incorrect because they do not match the information provided in the question. Option 4 is also incorrect as it states an increase from Rs. 1.00 lakh to Rs. 2.00 lakh per month, which is not mentioned in the question. Therefore, option 2 is the correct answer as it correctly reflects the increase in the President`s emoluments.