Businesses related to water may lack the glamour of sunrise sectors like education and healthcare, but it has attracted over 500 crore in private equity in the past year. The trickle will turn into a flood, says Ahona Ghosh. The inability of the state to deliver on basic services has nurtured many a business: inverters and bottled water, to name just two. A third one is beginning to flourish: water purification and waste-water treatment.