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Market-based instruments for water allocation in India: issues and the way forward

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  • Venkatachalam, L.

Abstract

Institutions do matter in managing water scarcity. Institutional reforms in water sector in recent years have tried to replace the existing ‘command-and-control approach’ with more innovative and comprehensive marketbased approach. Based on a comprehensive literature review, this paper highlights various issues involved in marketbased institutional reforms in the water sector in various countries. This paper finds that even though there are some problems, the market-based institutional reforms are capable of generating relatively higher benefits through efficient, equitable and sustainable water allocation mechanisms. This paper also provides policy suggestions on introducing market-based instruments formally in the water sector in the Indian context.Length: pp.498-512

Suggested Citation

  • Venkatachalam, L., 2008. "Market-based instruments for water allocation in India: issues and the way forward," Conference Papers h042916, International Water Management Institute.
  • Handle: RePEc:iwt:conppr:h042916
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    References listed on IDEAS

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    1. Geoffrey M. Hodgson, 1998. "The Approach of Institutional Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 166-192, March.
    2. Coase, R H, 1992. "The Institutional Structure of Production," American Economic Review, American Economic Association, pages 713-719.
    3. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
    4. Thobani, Mateen, 1997. "Formal Water Markets: Why, When, and How to Introduce Tradable Water Rights," World Bank Research Observer, World Bank Group, vol. 12(2), pages 161-179, August.
    5. John Conlisk, 1996. "Why Bounded Rationality?," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 669-700, June.
    6. R. Maria Saleth & Ariel Dinar, 2004. "The Institutional Economics of Water : A Cross-Country Analysis of Institutions and Performance," World Bank Publications, The World Bank, number 14884.
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    Cited by:

    1. Narain, V., 2009. "Water rights system as a demand management option: potentials, constraints and prospects," IWMI Books, Reports H042163, International Water Management Institute.

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    Keywords

    Water allocation;

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