Explanation:

Only statements 1&2 are correct.

• Article 293 pertains to the borrowing by states within India. It provides the framework under which states can engage in borrowing.

• Article 293 allows states to borrow only with the consent of the Government of India, particularly when the states have existing loans from the Central Government.

• Article 293 does not grant the Central Government the power to control the financial borrowing of states only during times of national emergency. It applies at all times, irrespective of whether there is an emergency. The requirement for consent is tied to the existence of outstanding loans from the Central Government to the state, not to the state of emergency.

Hence option 2nd is correct.