The papers in this volume, presented at the Second Biennial Conference of the Indian Society for Ecological Economics, held at Bhopal in December 2001, address wide ranging issues related to water resources, sustainable livelihoods and ecosystem services, with special reference to India. Starting with an examination of water related issues at the macrolevel, they provide multiple perspectives of hydrology, economics, political economy and water related institutions. Water resources are examined both from the macro perspective and from the viewpoint of specific problem related or regional issues. Quite a few contributors focus on emerging problem of urban and industrial pollution. Other papers analyze institutions for water management and aquatic ecosystems and the services that they provide for humans. Finally, papers in the last section point towards future challenges and provide directions for policy.