For corporate India, there is no gainsaying the importance of water, largely due to the increased understanding of the pressures and risks associated with the existing freshwater resources in the country. This report addresses this issue along with conveying why it is important for corporates to measure their water foot print and disclose the information in the public domain. It will also help the corporates to anticipate the risks emanating from shrinking water levels and consequently put in place the mitigating measures. Key highlights Given the rapidly reducing water availability in the country, it is imperative for corporate India to manage its water uses in a sustainable manner. Growing water scarcity and water pollution can pose serious risks to a company's operations. However, few Indian companies comprehend the enormity of these risks, and even fewer have assessed their water-related business risks. In order to lessen water-related business risks, companies need to formulate a comprehensive strategy aimed at water conservation and monitoring the water usage through proper accounting and report it to the stakeholders/general public. Corporate reporting on water in India is still at a nascent stage, as indicated by an analysis of S&P ESG India Index data base of 500 publicly-held companies. Water stewardship demonstrated by few Indian companies like ITC, Tata Motors etc., need to be emulated by others to contain water related business risks. Topics covered Corporate water policy and management Corporate reporting and disclosure Corporate reporting on water in India Water usage and management: Corporate best practices Management of corporate water risk: The way forward