The economy of Bharananganam rests on three primary pillars: agriculture, pilgrimage tourism, and foreign remittances. The village is enveloped by lucrative natural rubber plantations, which form the financial backbone for many local families.
Due to the presence of Saint Alphonsa's tomb, the village draws thousands of pilgrims annually, fostering a localized service economy encompassing hospitality, retail, and transportation. Furthermore, remittances from Non-Resident Indians (NRIs) provide significant capital, driving up the local standard of living, boosting the real estate and housing sectors, and funding regional educational institutions.