Water scarcity and quality issues pose significant risks to agriculture, hydropower, industrial operations, and human health. Droughts and floods disrupt supply chains, damage infrastructure, and undermine crop yields, while polluted water sources increase treatment costs and constrain industrial and agricultural activities. Vulnerable populations face challenges in accessing the minimum required water for dignified living, highlighting the ethical and social dimensions of water economics. These risks are universal, affecting both emerging and developed economies, including India.