Yes. Now, we do not have control over the over-exploitation of groundwater. In Indian scenario, we absolutely have no control. On the other hand, catchment capacity has reduced tremendously as the building construction happens almost everywhere irrespective of the catchment areas (Ex: Chennai, Bombay).
And now, the society - as a whole - has NO clue about recharging the aquifers. That's the reason why we used have a plenty of temples, where we use to have the recharge ponds.
Until India comes up with a serious groundwater act (which will be seriously followed by every Indian citizen), it is nearly impossible to control the over-exploitation and the demand will go on increasing exponentially.
However, by natural means, India has some advantages, I suppose.
Global warming will have very little impact over India in comparison with most of the other countries as per the model results.
That means, we may not have as severe droughts as other countries may experience.
Next, India may get benefited naturally by means of coupled El-Nino and IOD effect - in such a way that - our average annual rainfall may not go to significant low.
I hope somehow our Indian system will be in "Dynamic Equilibrium" with reference to water demand and supply.