"All minerals, coal and petrol are nationalized which are available below the earth but water which flows above the earth is not nationalized".
Rain water is from the clouds which are from the Indian-Air-Space. Therefore, by law of nature, the rain-water(Water) belongs(owns) to Indian Government. Therefore water is a National property and should be nationalized.

What is the problem?

Subject “water” is placed in the Constitution in Entry 17 of List II (State List) of Schedule VII.
However, the caveat is Entry 56 of List I (Union List), which says, “Regulations and development of inter-state rivers and river valleys to the extent to which such regulation and development under the control of the Union is declared by Parliament by law to be expedient in the public interest.”

Unfortunately, the Center has made little use of the powers vested in it vide Entry 56 of List I.
The result is that by virtue of Article 246 read with Entry 17, List II, states have exclusive jurisdiction over waters that are located within their territories, including inter-state rivers and river valleys.
It is arguably this status of water in the Constitution that constrains the highest in the executive and the judiciary, despite their pronouncements on and commitment to resolving the problem.
It has also stopped the Center from establishing allocation rules and clearly defined water rights among states that have unending disputes over the sharing of inter-state water resources.
The latest example is the second Krishna Water Disputes Tribunal, which has turned into a warzone, with a battery of lawyers, technical staff and irrigation department officials.

What’s the solution? 
• We need to see if a change in its constitutional status is required
• We also need to enhance our water-storage capacity, as we suffer the most from the vagaries of the monsoon.
• River-linking project, alongside a chain of water-conservation projects, would offer a solution. Ground water level needs a rise and that can happen by organic farming and planting trees.
• We should take care of lost ancient water reservoirs. Why are we losing the existing water reservoirs we need to find out.
• Is it possible: Yes; Reality: not, because our politician will not get Flood fund and Drought Fund from Govt.
• When we talk about river linking we are again thinking about how to exploit the River Resource for our benefits. We should be thinking about how to revive the rivers to its full potentials, not how to exploit.

• Rivers which are life line of the nations of world, they have been the source for all the civilization on this planet, all the cities of past were always grown out of river banks. India as nation have the oldest cities in history and all major of them were on river bank, but in just one generation if we kill the rivers which had been flowing for thousand of years, in my sense its crime. We should always be looking to save and conserver the resources which has natured us for long, not to exploit them.

• 15 years before when dams were build we thought, its great, it would solve our power needs, but ultimately it has created more problems then being a solution. Just to get few MWatts of power we have been creating lakhs and lakhs of human displacements during floods, floods which has been caused by these dams. Dams on rivers which we should never have done. Similarly interlinking of river is another such aspect of creating source of good farming. We should not be doing the same mistakes again and again.

• Please learn from past and let the nature rule and take decision. We should always be part of solution not an problem.

• And currently nature need humans to revive rivers, not to exploit.