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Under Article 360, Financial Emergency can be proclaimed if the President is satisfied that the financial stability or ______ of India is threatened.
- sovereignty
- credit
- territorial integrity
- parliamentary democracy
Answer: credit
Article 360(1): President may proclaim Financial Emergency if satisfied that financial stability or credit of India (or any part) is threatened. Requires written Cabinet advice (44th Amendment). Must be approved by Parliament within 2 months by simple majority. Never invoked in India, but provisions exist for extreme fiscal crises.