Synopsis 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 eco-system services, with special reference to India. Starting with an examination of water-related issues at the macro-level, 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 analyse institutions for water management and aquatic eco-systems and the services that they provide for humans. Finally, papers in the last section point towards future challenges and provide directions for policy.