We all know the devastating effects that the coronavirus pandemic is causing on people and businesses around us. Businesses both big and small are crumbling due to halt in economic activities.
But news has it that even the richest temple in the world is facing a financial crisis due to the lockdown! Yes, you heard that right! The Sri Venkateswara Temple at Tirumala, Andhra Pradesh, is reportedly going through its worst financial crisis in decades all thanks to the lockdown.
World’s Richest Temple Faces Worst Financial Crisis In Decades
According to a Times Of India report, the Tirumala Tirupati Devasthanams (TTD) has lost its revenue of INR 400 crore because of the ongoing lockdown in the country. The temple attracts nearly 1 lakh devotees on a daily basis, and even more during festivals and special occasions. However, since it has not opened its doors to the public for the past 50 days, its revenue has touched rock bottom.
And not just that, the richest temple in the world reportedly has no money left to meet its daily expenditure as well as pay the salaries of the 23,000 people it employs.
While the temple has INR 14000 crore worth of fixed deposits and eight tons of gold reserve as assets, it prefers not to touch these and is trying to sail through the crisis through other means.
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Tirumala Temple Spends A Whopping 2500 Crore Every Year
According to YV Subba Reddy, TTD Chairman, the shrine earns around INR 200 – 220 crore every month through the sale of darshan tickets, prasadams, accommodation, etc. However, since the closure of the temple due to the lockdown in March, its donation box collections have suffered a loss of INR 150 – 175 crores.
And while its revenue has declined, its expenses haven’t. As per the Chairman, the TTD spends about INR 2500 crore under different heads every year. While salaries and other expenses alone amount to INR 1385.09 crore, the TTD offers grants of nearly INR 400 crore to the many healthcare institutions that are under its control.
With no income being generated, the temple continues to conduct its daily rituals and rites. But with no reopening date in sight, looks like the temple will have to look for other means to hold onto.