Economy
The economy is dependent on the inflow of money from locals employed as migrant workers in the Persian Gulf countries. Ever since the oil boom of the 1970s, the village has witnessed a large-scale migration of young people to the oil producing Gulf countries in pursuit of work. This has changed the economic situation considerably. At least one person from each household is employed in the Gulf. In the past, the economy depended on agriculture. The greenery, which persisted once, has vanished, due to the spurting of concrete structures in the place of paddy fields. Now only the coconut faming survives and less than 5% people depend on agriculture.
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Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)