The local economy of Cherpunkal is traditionally agrarian, though it has diversified significantly due to religious tourism and the healthcare sector.
- **Agriculture**: Natural rubber is the primary cash crop, alongside coconuts, spices, and plantains. Many residents are independent farmers or part of local agricultural cooperatives. - **Pilgrimage Commerce**: The area immediately surrounding the Mar Sleeva Forane Church features shops selling religious articles, candles, and local handicrafts catering to the heavy influx of visiting pilgrims. - **Healthcare and Education**: Mar Sleeva Medicity and the BVM Holy Cross College are major local employers, generating ancillary businesses such as medical supply stores, student housing, and local eateries.