While there have been calls for a financial emergency to be imposed in India, the Finance Minister Nirmala Sitharaman has clarified that there was no intent to impose financial emergency in India at this point of time. A financial emergency is one of the 3 types of emergency declarations provided in the Indian Constitution. Under Article 360 of the Indian Constitution the President can enforce a financial emergency if the financial stability or credit of India is endangered. In a financial emergency, the executive authority of the Union shall extend to the giving of directions to any state on financial matters. Article 360 also has a provision requiring the reduction of salaries and allowances of all or any class of persons serving the State or the Union. As of now that is ruled out by the FM herself.