The economy of Cherpunkal is a robust mix of agrarian income, pilgrimage tourism, and substantial overseas remittances.
While agricultural commodity prices (especially rubber) historically dictated the village's economic health, the modern economy is heavily stabilized by Non-Resident Indians (NRIs). Funds sent back by family members working abroad are the primary drivers of local consumption, real estate development, and savings. The constant influx of pilgrims visiting the Mar Sleeva Forane Church also supports a micro-economy of local retail, transport, and hospitality.