Out of the four statements regarding the election of the President of India, only the first one is correct. The members nominated to either House of Parliament and the Legislative Assemblies of States are indeed eligible to be part of the Electoral College, which consists of elected members of both Houses of Parliament and the elected members of the Legislative Assemblies of States. The second statement is incorrect because the value of each MLA's vote is inversely related to the number of elected seats; a state with more seats has a lower value per MLA. The third statement is also false, as the value of votes is determined by the population and the number of seats, and Madhya Pradesh has a larger population relative to its MLA count. Lastly, the fourth statement is incorrect because the calculation of vote value involves dividing the population by the number of elected seats, making it likely that Arunachal Pradesh, with a smaller population and fewer seats, has a higher value per MLA than Puducherry. Thus, only the first statement correctly reflects the structure of the Electoral College in the context of presidential elections in India.