This letter is in response to Juliette Jowit's article, “Experts seek hike in global water price.” (April 29). Demand for water is price-inelastic at the individual level. It means the consumers will buy a certain quantity of water whatever be its price. The demand is growing because of growing population at the rate of 80 million a year. As the sources of supply is fast depleting, the consequent demand-supply mismatch has led to acute shortage. This combination of inelastic demand and acute shortage is sought after by corporates for making huge profits.
Is it possible to pay a market-determined price for water? The United Nations has clearly declared that water is not a mere economic commodity. Fixing a market price would deprive three fourths of the people (who are making subsistence living) of access to water and food.
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