According to the Indian Constitution, who has the power to declare emergency ?

Answer: Option B

Constitution has empowered President to proclaim three types of Emergency. The expression, "Proclamation of Emergency" as used in Article-352 refers to emergency of first type i.e. National Emergency. Second type of emergency is mentioned under Article-356 as State Emergency or President's rule. And the third type of emergency is referred as "Financial Emergency" under article-360.