The Speaker of Lok Sabha, which is the lower house of the Indian Parliament, is elected by all the members of Lok Sabha. This means that option 3 is correct. The Speaker acts as the presiding officer of Lok Sabha and is responsible for maintaining order during the proceedings, deciding on points of order, and determining the agenda. The election of the Speaker takes place at the beginning of each new Lok Sabha term or whenever the position is vacant. All members of Lok Sabha, regardless of their party affiliation, have the right to vote for the Speaker. It is important to note that the people directly do not elect the Speaker, as mentioned in option 2. Additionally, the Speaker is not elected by only the members of the majority party in Lok Sabha, as stated in option 4.