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Do you feel is there any chance to declare financial immergency by?

No chance, the Economic condition in year 1991 was far far worse than what it is today despite this the government did not declare financial emergency under Article 360 of the Constitution of India in year 1991. You can look at the forex reserves of India currently, inflation is not as high as it was in 1991, country is not defaulting in loan, rating agency is not degrading ratiing of India.

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