The present paper reviews recent developments in methodology for valuing the role of wetlands in supporting economic activity. The study brings out several issues related to conservation and management of the Pong Dam wetland. For the protection of aquatic biodiversity of the wetland, integrated management plans are required. The main conservation problem being faced by the wetlands is related to increasing siltation from catchment areas. Similarly the management of weeds for enhancement of fishery resources of wetlands as well as the restoration and conservation of biodiversity of the ecosystems is another important issue.