The fast depleting cash reserves have become a cause of concern for the Tirumala Tirupati Devasthanams (TTD) which manages the temple of Lord Venkateswara, among the the richest shrines in the country.
Even as the financial situation of the TTD is satisfactory at present, uncertainty looms large on its future with all its major revenue earning sources such as income from hundi, sale of laddus, darshan tickets, accommodation and etc have been chocked for the 53-day closure of the temple for devotees in the wake of the lockdown imposed to check COVID-19 pandemic.
The TTD is burdened with a sharp decline in its revenues. On the other hand, it is spending hundreds of crores every month on mandatory expenditures such as salaries and pensions of staff, maintenance, electricity and etc.
‘Hundi income nil’
With a budgetary outlay of about ₹3,310 crore for 2020-21 fiscal, the TTD expects a major chunk of its income from the temple hundi, which is put at a little over ₹1,350 crore and earmarked ₹1,385 crore towards human resource payments. At present, the income from hundi has recorded almost ‘nil’ during the 53-day closure.
According to sources, the TTD is comfortably positioned to pay salaries to all its 21,500 employees, of whom 7,200 are on regular pay roll while the rest are out-sourced or hired on contract for May, besides meeting other expenses.
Cost cutting measures
The TTD has imposed a cut by 50% on the salaries of its employees (excluding health, medical, police and class IV workers) and 10% that of the outsourced employees in accordance to a government order.
If at all there is anything to be worried about it is only after first week of June, the sources say.
Works on hold
Meanwhile, it is learnt that TTD has decided to put a temporary hold on its engineering works with an outlay of around ₹500 crore till the situation improves. However, the regular maintenance works will continue.
However, sources sound optimistic over a comprehensive plan to be worked out by the TTD after May 17 when the third phase of the lockdown ends. The board of trustees is liklely to meet by the month end to discuss the issues.
