Economists differ over use of temple wealth

THIRUVANANTHAPURAM: The discovery of gold and precious stones worth over Rs one lakh crore deep in the forgotten caverns of the Sree Padmanabha Swamy Temple here has triggered in the state’s leading economists two diametrically opposite responses. In some, the riches have instilled massive glee and in others, sheer panic.Leading economist and decentralisation expert M A Oommen feels such “unexplored and dead’’ resources should be channelised for the good of humanity. “The State Government or the Trust in the name of the temple should not behave like a naive or a beggar sitting on a bench of gold,’’ Oommen says.He wants the huge mountain of gold and other precious reserves to be seen as a “massive collateral.’’ “Why can’t a development trust be formed and bonds issued, bonds earmarked exclusively for poverty alleviation or slum development,’’ he asks. He calls these bonds Padmanabha Swamy Bonds.“Let the Lord’s bonds be earmarked for the study of poor students, too. Just look at the self-financing muddle, see what these people are doing in the name of God. Let’s explore whether Sree Padmanabha Bonds can counter such unholy trends,’’ M A Oommen said.Labour and migration expert Irudaya Rajan, too, wants the booty to be used as a “collateral.’’ “The money should be used for the good of society. Let’s for example see what this wealth can do to improve the lot of old people or even for the education of the poor. Issuing of bonds is a good option,’’ Irudaya Rajan said. “Start such a welfare scheme on a pilot basis in the capital city and if found viable, expand it,’’ he said. CDS Director PulapreBalakrishnan is clear about one point: “Any wealth lying idle is potential demand stashed away.’’International trade expert and former Planning Board member K N Harilal is aghast at the thought of routing the newly-discovered wealth into circulation. “Monetising such huge wealth is against the monetary policy of India. The supply of money will increase and in the present circumstance it might even fan inflation,’’ Harilal said. Another former Planning Board member C P John, too, finds the idea of monetisation outrageous. “The Lord’s wealth is invaluable. Monetising and communalising the invaluable is an absurdity,’’ John said.