Step 1: Understanding the Concept:
The question asks which authority is responsible for the allocation of symbols to political parties for the purpose of contesting elections in India.
Step 2: Detailed Explanation:
The Election Commission of India (ECI) is an autonomous constitutional body responsible for administering election processes in India. One of its key functions, as defined under the Election Symbols (Reservation and Allotment) Order, 1968, is to grant recognition to national and state political parties and to allot election symbols to them. The ECI decides which symbol is "reserved" for a recognized party and which symbols are available as "free" symbols for other candidates. It also adjudicates disputes related to party symbols.
Step 3: Final Answer:
The Election Commission allots election symbols to political parties.