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Under what circumstances can the President of India declare an emergency in the country?

Answer
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Hint: The Constitution of India gives the President certain emergency powers. During an emergency, the federal structure becomes practically unitary one and the President welds all the power.

Complete Step by Step answer:
The Articles 352, 356, and 360 of the Indian Constitution embodies the emergency powers of the President. There are three categories of emergency powers:

1. National Emergency: The President can declare a national emergency when it is established that the security of India is in danger due to war, internal rebellion or external aggression. Such a provision is provided in Article 352 of the Constitution.
2. Constitutional Emergency: It is declared when there is a failure of constitutional machinery in the state as reported by the Governor or some other agency. Article 356 empowers the President to proclaim constitutional emergency and impose President rule.
3. Financial Emergency: If the President is satisfied that a situation has arisen whereby the financial situation or credit of India is threatened, he can declare financial emergency under article 360 of the Indian Constitution. The proclamation is valid for two months and within this period the approval of Parliament has to be sought.

Note: The President had declared national emergency thrice - in 1962 due to Chinese aggression; in 1965 due to Pakistan's inversion and in 1971, in the name of internal disturbance and Pakistani aggression. Constitutional Emergency has been declared in various states for more than hundred times, but financial emergencies have not been declared in India even once till date.