Which of the following articles of the Constitution of India deals with borrowing by the States?

State borrowing is governed by Article 293. It addresses the State executive’s borrowing power and the conditions involving loans or guarantees from the Union.

Why not "292"? This provision concerns borrowing by the Government of India. It is closely related in subject matter, which makes it a tempting choice, but the Constitution distinguishes Union borrowing from State borrowing. The question specifically asks for the provision dealing with the latter.

Why not "291"? This article formerly dealt with privy-purse payments and was omitted by constitutional amendment. It is not the provision governing State borrowing. The presence of a nearby article number should not be confused with the subject heading and operative borrowing rules requested here.

Why not "294"? This article concerns succession to property, assets, rights, liabilities and obligations in specified constitutional circumstances. Those matters can affect public finances, but they differ from the executive power to raise loans. State borrowing has its own dedicated article immediately before that subject.