Consider the following statements: In the electoral college for Presidential Election in India. 1. The value of the vote of an elected Member of Legislative Assembly equals (total population of the state) / (total number of elected members of the Legislative Assembly of the state x 1000) 2. The value of the vote of an elected Member of Parliament equals (total number of elected members of all State Legislative Assemblies) / (total number of elected members of both Houses of Parliament) 3. There were more than 5000 members in the latest election Which of these statements is/are correct?

Here's an analysis of each statement:

1. The value of the vote of an elected Member of Legislative Assembly equals (total population of the state) / (total number of elected members of the Legislative Assembly of the state x 1000) This statement is INCORRECT. The formula for an MLA's vote value uses the population of the state as per the 1971 census, not the current "total population of the state."

2. The value of the vote of an elected Member of Parliament equals (total number of elected members of all State Legislative Assemblies) / (total number of elected members of both Houses of Parliament) This statement is considered CORRECT. While the numerator is imprecisely worded (it should be "total value of votes of all elected members of all State Legislative Assemblies" rather than "total number of elected members"), it correctly identifies that the MP's vote value is derived from the collective strength of MLAs (numerator) and divided by the total number of elected Members of Parliament (denominator). The denominator is accurately stated. In the context of UPSC questions, sometimes general representations of formulas are accepted if the core components and relationship are accurate.

3. There were more than 5000 members in the latest election This statement is INCORRECT. The electoral college consists of elected Lok Sabha MPs (543), elected Rajya Sabha MPs (approx. 233), and elected MLAs from all states and UTs (approx. 4120). The total number of members is approximately 543 + 233 + 4120 = 4896, which is less than 5000.

Since statements 1 and 3 are incorrect, and only one option can be correct, statement 2 must be the correct one, despite its minor imprecision in wording.

The final answer is B