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Synopsis The book is the outcome of a collaborative multi-disciplinary research carried out by the Institute of Economic Growth, Delhi, Centre for Multi-Disciplinary Development Research, Dharwad, and G.B. Pant Institute of Himalayan Environment and Development Kosi. The book is addressed to fill some vacuum in policy oriented socio-economic research to arrive at the value of a natural resource namely, water in a regional context such as Kumaon. The methodology adopted here is unconventional, Instead of deriving the value of water based on conventional economic approaches of productivity of water in agriculture or horticulture, or based on cost of water delivery, this book begins with a paradigm that water is basic to human life and guaranteed in the Constitution of India as a basic right. It then goes into the ecological linkages of water with the Himalayan eco-system. A watershed approach is used to demonstrate the likely deteriorating situation with water resources in the region. Much of water demands in a regional context is not backed by the purchasing power (a basic enabling factor). Yet the people of the region would value it on the basis of their stated preferences if not on revealed preferences. Use of 'Contingent valuation method' is made to deduce such a valuation for different purposes such as drinking, livestock use and irrigation. It is then logically linked with various socio-economic and cultural factors of the region. All these are aimed at deriving some policy suggestions to improve the water ecology of the region of Kumaon. Finally, the book addresses itself to the question of human and water rights. The erosion of water rights from community orientation in the pre-British era to centralised and state dominated 'water act' system now, is commented upon, with possible reversal of water use system based on community participation.