New Delhi: In view of the increasing threat of Corona virus, today PM Modi is going to address the nation for the second time in a week. There are speculations that PM Modi can use the powers given in Article 360 to declare a financial emergency. Article 360 states that "if the President is satisfied that a situation has arisen which has threatened the financial stability or any part of India, the President can declare a state of financial emergency."

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Under Article 360: -
"If our President feels any economic slowdow, or that the government does not have the money to run the work, or even has the means to bring it from somewhere or any such economic crisis and If there is maladministration, then President can declare a 'financial emergency' in the country or territory."

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Under this declaration -

There can be no opposition to the reduction of salary of government employees.
All the economic bills are approved by the President.
Government can increase service tax and income tax etc.
The government can also increase the repo rate by saying interest to the bank and RBI.
Public cannot resist whatever footsteps the government takes to improve its financial condition.

The government will not put any weight on the people belonging to the economically lower class. 

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