Gold's own country

As you read this, the final estimates of the recently found treasure at Trivandrum’s Sree Padmanabhaswamy temple are being worked out. Rough estimates put the value at about $22 Bn, making the temple perhaps India’s richest. Gold coins dating back to the era of the East India Company, sacks of diamonds and solid-gold idols are among the treasures that have been found in the sealed vaults of this 16th century temple located in the southern Indian state of Kerala.

The discovery has also revived questions about who should manage the wealth, much of which is believed to have been deposited at the temple by the royal family of the princely state of Travancore, which acceded to India when the country became independent in 1947. Some of the vaults under the temple have not been opened for nearly 150 years, temple officials have said. India’s Supreme Court will decide what happens to the treasure and the rest of the temple once it has established the total value of the holdings. The government of Kerala is of the opinion that the riches belong to the temple & must be retained there. The state will ensure its security, says the Chief Minister of Kerala.

Imagine what this treasure can do to the economy of the cash-strapped state which struggles to find funds for its infrastructure projects. A state which relies on remittances from non-resident Keralites across the world, primarily the Middle East, might boast of high literacy rates & dropping infant mortality rates. But when it comes to providing basic infrastructural needs or even creating new jobs, the government takes the back seat. Kerala’s public debt is around $15 Bn. If the treasures are deployed for economic & social benefits, it can possibly become one of the most attractive Indian states for investment. Foreign investors, who almost always shy away from pumping money into Kerala (due to obvious reasons), might just view the state with a whole new perspective.

Some might argue that if the temple’s money is utilized for economic & social benefits, so must the money from various churches, mosques and other such places of worship. I say pool them all together! But that’s easier said than done. A country which is highly sensitive when it comes to communal issues prefers to leave such kind of wealth untouched. And eventually the only people to benefit from the wealth are the members of the Trusts who run the show at the temples, churches and mosques.

The benefit of having all that gold worth billions of dollars is next to nothing if it’s put back in those treasure vaults of the temple. If nothing else, I say place it with the Reserve Bank of India (RBI) and sit back and watch the Rupee. :)