Under which Article of the Constitution of India can the President of India proclaim a Financial Emergency?

Introduction / Context:
The Constitution of India provides for a Financial Emergency to deal with situations where the financial stability or credit of the country is threatened. This is distinct from National Emergency and President's Rule. Each type of emergency has a specific Article number associated with it. This question asks which Article empowers the President to proclaim a Financial Emergency.

Given Data / Assumptions:
- The options given are Article 32, Article 349, Article 360 and Article 355.
- The question clearly refers to Financial Emergency, not to other kinds of emergencies or rights.
- The student is expected to recognise that Article 360 is part of the emergency provisions in Part XVIII of the Constitution.
- It is assumed that the student can distinguish between the Articles dealing with rights, language provisions and emergency powers.

Concept / Approach:
Article 360 of the Constitution of India deals explicitly with Financial Emergency. It states that if the President is satisfied that the financial stability or credit of India or any part of its territory is threatened, the President may proclaim a Financial Emergency. Article 352 deals with National Emergency and Article 356 with President's Rule. Article 32 is related to the right to constitutional remedies, and Article 355 is concerned with the duty of the Union to protect States. The approach is to identify the Article that specifically names Financial Emergency in its provisions.

Step-by-Step Solution:
Step 1: Recall that the emergency provisions range from Articles 352 to 360 in the Constitution. Step 2: Note that Article 352 relates to National Emergency, Article 356 relates to President's Rule and Article 360 relates to Financial Emergency. Step 3: Recognise that Article 32 deals with the right to constitutional remedies, allowing individuals to move the Supreme Court for enforcement of fundamental rights. Step 4: Recognise that Article 349 deals with language related restrictions on amending certain provisions and Article 355 sets out the duty of the Union to protect States against external aggression and internal disturbance. Step 5: Since only Article 360 empowers the President to proclaim a Financial Emergency, it must be selected as the correct answer.

Verification / Alternative check:
Verification is straightforward: any standard text on Indian Polity states that Article 360 is the Financial Emergency provision. It explains that under this Article, the President can issue directions to States regarding financial matters, and the salaries of certain officials may be reduced during such an emergency. No other Article among the options mentions Financial Emergency by name. This confirms Article 360 as the correct answer.

Why Other Options Are Wrong:
Option A (Article 32) is wrong because it deals with the right to move the Supreme Court for enforcement of fundamental rights and is often called the heart and soul of the Constitution, not an emergency provision.
Option B (Article 349) is wrong because it concerns special procedure for amending certain provisions related to the official language, not Financial Emergency.
Option D (Article 355) is wrong because it articulates the duty of the Union to protect States against external aggression and internal disturbance and to ensure that government in every State is carried on in accordance with the Constitution; it is not the Article that proclaims a Financial Emergency.

Common Pitfalls:
A common mistake is to confuse Article 355, which relates to the Union's duty and is cited in discussions on President's Rule, with the Articles that actually proclaim specific emergencies. Another pitfall is to lump all emergency related concepts together without memorising the specific Article numbers for National, State and Financial Emergencies. To avoid such errors, candidates should remember a simple mapping: Article 352 for National Emergency, Article 356 for President's Rule and Article 360 for Financial Emergency.

Final Answer:
A Financial Emergency can be proclaimed by the President of India under Article 360 of the Constitution of India.