The correct answer is option 3: Article 360. Article 360 of the Indian Constitution empowers the President of India to declare a financial emergency. In the event of a financial crisis in the country, such as a severe economic downturn or an imminent threat to the financial stability of India or any part of its territory, the President can make a proclamation declaring a state of financial emergency. During a financial emergency, the President can authorize the executive to take necessary steps to address the economic situation, which may include reducing salaries or allowances of government officials, giving directions to the states with regard to financial matters, and suspending the operation of any financial law. It is important to note that a financial emergency can only be proclaimed on the written advice of the Union Cabinet.