In view of a continuing free fall of income accelerated by the pandemic, the Travancore Devaswom Board is exploring ways to diversify its finances to tide over the crisis.
According to N.Vasu, president, TDB, preliminary discussions are on to identify the options in lieu of the disruption of the board's economic model as the second wave of the pandemic has spiraled the decline in revenue out of control.
“The financial profile of the TDB has diminished to the point of virtual invisibility so that it cannot sustain without the state's support anymore. In this backdrop, preliminary discussions are on whether the board can leverage the idle property in its possession and generate sustainable income,” he said.
As part of it, the board seeks to re-purpose about 3,000 acres of prime land by establishing remunerative projects using investors from outside. “The investment plans may be prepared in a way so as these projects do not to affect any of the temples under the board or the rituals, while also retaining with it the legal rights over the land. It , in turn, may also help proper upkeep of the properties that are under the constant threat of encroachment,” he added.
The restrictions imposed due to COVID-19 was having a drastic effect on the revenue source of the TDB with the board suffering a loss of about ₹600 crore since March 2020. With some 5,500 employees on its rolls and almost same number of pensioners, it incurs around ₹50 crore every month.
The income from Sabarimala, which used to be the board's main stay for long fell to ₹21 crore during the last pilgrimage season as against ₹270 in the previous year. The uncertainty over the length of the pandemic-induced disruptions has only exacerbated the fears of next season also becoming a financial disaster.
During the previous fiscal, the TDB received a financial assistance of ₹90 crore from the state government in two instalments. In view of the continuing distress, it has once again approached the state government for an emergency short-term assistance.
Meanwhile, official sources said the TDB was also looking to take over the virtual queue from the Kerala police from the upcoming Mandalam-Makaravilakku season onward. The action is being initiated in view of a severe underutilisation of the daily quota of pilgrims.
