Question

Who has the authority to declare a financial emergency in India?

• A. Prime Minister
• B. The President
• C. Finance Minister
• D. Reserve Bank of India

Answer 1

Answer:

B. The President

Economic Emergency Under Article 360, the President declares a state of economic emergency at a time when the economic situation of the country is under threat. The President has the power to deduct the salaries and other benefits of all officers at the Centre and the State, including supreme court high court judges, when the country is in a financial emergency No economic emergency has been declared in India so far.