The correct answer is option 3, which states that the President of India can proclaim Emergency under the conditions of the failure of the constitutional machinery of the state and threat to the financial stability of the country.

Let`s dissect each option for a better understanding:

Option 1: This states that the President can proclaim Emergency only in the case of the failure of the constitutional machinery of the state. It means when there is a breakdown in the proper functioning of the state government, such as not fulfilling its constitutional obligations, or if there is a political crisis that disrupts the governance and administration of the state.

Option 2: This states that the President can proclaim Emergency in the occurrence of large scale natural calamities or epidemics. This means that if there is a severe natural disaster or widespread epidemic that poses a threat to the lives and well-being of the people, the President can declare Emergency to take necessary measures to address the situation.

Option 3: This states that the President can proclaim Emergency in the case of a threat to the financial stability of the country. This means that if there is a significant economic crisis or threat that has the potential to destabilize the economy and severely impact the financial well-being of the nation, the President has the authority to declare Emergency.

Based on the