Explanation:

Article 352 – Proclamation of Emergency – The Constitution employs the expression ‘proclamation of emergency’ to denote the National Emergency only – i.e. an emergency due to war, external aggression or armed rebellion.An Emergency due to the failure of the constitutional machinery in the states (Article 356).This is popularly known as ‘President’s Rule’. It is also known by two other names—‘State Emergency’ or ‘constitutional Emergency’. However, the Constitution does not use the word ‘emergency’ for this situation.Financial Emergency is proclaimed under Article 360 – due to a threat to the financial stability or credit of India.