Demigods and demigoddesses are often mentioned in Vedic literature as the extraordinarily powerful controllers of the material world. The Supreme Being, Krishna, doesn't directly manage the affairs of the universe; He appoints other qualified living entities—His devotees—to act on His behalf.
For example, Krishna entrusts Brahma with creating the universe and Shiva with annihilating it. Krishna's expansion, Vishnu, takes charge of its maintenance, but in a "hands off" style; He posts other demigods to look after the various aspects of universal management.
The painting depicts Krishna as the ultimate source of the demigods' power, and how any benedictions given by the demigods are taken away at the time of death.