The correct answer is option 1: Article 360. Article 360 of the Indian Constitution empowers the President of India to declare a financial emergency. When the President is satisfied that the financial stability or credit of India or any part thereof is threatened, they can proclaim a financial emergency. This allows the President to give directions to the states regarding financial matters and to suspend the normal financial provisions of the Constitution. It is important to note that a financial emergency has never been declared in India since the Constitution came into effect in 1950. Therefore, it is a provision that is not commonly utilized. It is different from a State Emergency or President`s Rule, which is declared under different articles of the Constitution.