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At the outset of the 21st century, water scarcity and water insecurity became inextricable in almost every world region. India, being a subcontinent, is not an exception because of its diverse geographical conditions. The paucity of water is severely impairing India's sectoral prosperity. Like many other natural resources, we have taken the availability of water for granted; we continue to expect bounty as soon as we turn on the tap. However, the recent dearth has raised a few questions, not on the right, instead of on the legal responsibility. The quest for an answer, thus, brings us to the polemics of economics, where anything scarce and demanding high needs a price. Effective water pricing policy brings an appropriate incentive to ensure enough clean water for all stakeholders who demand it and secures financial sustainability for urban water services providers to supply it. Water scarcity and its price mechanism can be addressed by refining ways, means, and models and considering the water sector's institutional structure. Since it is crucial to comprehend the issue of water shortage, the policy's goal should be to raise public awareness of the state of affairs and provide a framework of institutions and regulations that will allow the state to implement its policies in a coordinated way.
Banerjee et al. (Sun,) studied this question.