" For project which will boost Indian economy and by that Indians life style, if more important than this water problem"
If you say lack of water resources due to this project then we need to plan how to develop our water management system.
There a analysis called "SWOT" analysis , if you see as per that SEZ have many strengths and also few threats and weakness. But its not mean due to one threat the whole project is useless.
I strongly advice autor to go to school and study well first to understand how to study project!!