The world’s richest temple in India faces the worst financial crisis in decades


The world’s richest temple in India faces the worst financial crisis in decades

The world’s richest temple, Sri Venkateswara at Tirumala, Andhra Pradesh, has been going through the worst financial crisis in the past many decades.

News has it that the Tirumala Tirupati Devasthanams (TTD) has lost the profit of INR 400 crore during the ongoing lockdown. So much so that it has no money to pay the salaries to the staff and meet its daily expenditure. The temple authorities have already used INR 300 crores to pay salaries, pensions and other expenses during the lockdown in India.

The officials have been thinking of a solution to solve this problem without having to touch the INR 14000 fixed deposits and eight tons of gold reserve kept aside as temple assets.

Meanwhile, it is not certain when the temple would be reopened for the public. On a regular day, it sees about 80000 to 100000 pilgrims and much more in number on festivals and special occasions.

YV Subba Reddy, TTD Chairman, told the press that TTD spends about INR 2500 crore under different heads every year. On average, the Tirumala shrine earns INR 200 – 220 crore every month, and no revenue has been generated since the lockdown.

The world’s richest temple in India faces the worst financial crisis in decades

Although no income is being generated by the temple these days, all the daily rituals and rites are being conducted as per the scriptural injunctions.

For the financial year 2020 – 21, the TTD has fixed an annual budget of INR 3309.89 crore. However, since the closure of the temple due to the lockdown in March, the donation box collections have suffered by INR 150 – 175 crores. The TTD also generates revenue through the sale of darshan tickets, prasadams, accommodation, arjitha etc. which have failed to reap any monetary benefit to the institution.

The payment of salaries and other expenses alone amounts to INR 1385.09 crore. TTD has to spend INR 120 crore towards these expenses every month, including the lockdown phase.

Apart from the above expenditures, the TTD has to offer financial support through grants of nearly INR 400 crore to BIRRD, SVIMS other healthcare institutions operated under its control.

Source Article

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