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According to the Vishnu Purana, Durvasa Muni (Lord Shiva's incarnation) gave Indra a flower necklace. Indra put it on his elephant, who threw it down. An angry Durvasa cursed Indra that he would lose his kingdom. Soon enough, the world became Sri-less, and Indra and Gods lost. They all came to Brahma, who also accompanied them to Kshir Sagar. There, they all prayed to Vishnu. He appeared and advised them to do Sagar Manthan with the help of the asuras.
Sagar Manthan was performed with the help of Sri Vishnu himself, where he empowered the devas and the asuras, as well as the great serpent Vasuki, and also held the great mountain used to churn the ocean. From Sagar Manthan came many great wonders. Goddess Lakshmi appeared, and after being worshiped by the ocean personified and all the sacred rivers and Gods, took place in the heart of Lord Vishnu (Vaksha Sthal - chest). Then Amrit appeared and Lord Keshav tricked the asuras and devas and drank the amrit. The Devas then defeated the Asuras.
Thereafter, Indra worshiped Lakshmi with this stuti. Lakshmi appeared and granted a wish to Indra. Indra asked that Sri Lakshmi never give up this world ever again (because when Sri Lakshmi gives up her sight from this world, this world loses all virtues and becomes Sattva Heen. All Tap is lost and Yajyas are lost too). Secondly, he asked that whoever worships Sri Lakshmi with this prayer, may Sri Lakshmi never leave that person. Sri Lakshmi granted these wishes.
Indra then recited the “Lakshmi Stuti” after which, Lakshmi, being satisfied by the prayer, granted Lord Indra with a wish. Indra wished that she would never give up on the three worlds. He asked for a second wish, that being, who ever praises Lakshmi with this prayer that she never leave them. Lakshmi replied that she would not leave this world and was satisfied Indra's prayer, thereby granting the wish that every human being who praises her with this prayer twice a day in the morning and evening, she will never leave him.