This document discusses the economic value of water in India. It notes that water demand is projected to exceed supply by 2025 due to population growth. Non-revenue water losses from leaks and unauthorized usage currently account for over 1000 billion cubic meters annually. To better manage this scarce resource, the document advocates establishing water rights that allow trading of access entitlements between users. This helps transfer water to more productive sectors. It also recommends pricing policies, quantity controls, and exchangeable permits to regulate groundwater extraction and encourage conservation. The ultimate goals are to recognize water as an economic good and enhance its economic value through improved source management, supply reliability, and demand management.