Option 1: The statement is correct. According to the Constitution of India, the powers of the Union Executive, which includes the President, extend to giving directions to the States concerning the exercise of their powers. This is done to ensure the harmony between the Union and the States.

Option 2: The statement is correct. The Union Executive, in this case, the President, can issue a provision relating to the reduction of salaries of employees of the State Governments in times of financial emergency. This power is given to the President to ensure financial stability in the country.

Option 3: The statement is correct. While the President of India has emergency powers, the Governors do not have emergency powers like the President. The emergency provisions under the Constitution only apply to the President and not to the Governors of states.

Option 4: The statement is incorrect. The Governor of a State does not have the power to declare a financial emergency in the State. Only the President of India has the power to declare a financial emergency in the country. The financial emergency can be declared if the President is satisfied that the financial stability or credit of the country or any part of its territory is threatened.

Therefore, the correct answer is option 4.