The correct answer is option 3, National Development Council. The National Development Council (NDC) is a body that approves the draft Five-Year Plan in India. The Planning Commission prepares the draft plan and presents it to the NDC for deliberation and approval. The NDC consists of the Prime Minister, Union Cabinet Ministers, Chief Ministers of all states, and other members. It is responsible for discussing and finalizing important policies and programs related to economic and social development. Once the NDC approves the draft Five-Year Plan, it is then implemented by the government. The President, Parliament, and State Legislatures do not have the authority to approve the plan, making options 1, 2, and 4 incorrect.