This paper with case studies discusses the valuation of ecosystems considering the direct, indirect and existence benefits. The economic valuation of wetlands helps to understand the constituent's functions and benefits and this exercise could act as a catalyst for wetland conservation. The services provided by these wetlands are innumerable and these values are often lost through inappropriate development and are used inefficiently due to lack of knowledge about the vital functions performed by them. Linkages between use values and ecosystem functions are highlighted to raise awareness among the users. The role of the stake-holders especially public and private sectors in managing the ecosystems in a sustainable manner has also been outlined in this paper while evolving the management strategies.