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These four months in Delhi feel living inside a slow-burning smoke chamber. You step out of the city for a few days, breathe normally, and then return — only to feel the weight in your chest all over again. The lethargy is real. The constant tightness in your throat becomes a part of your daily routine. And even a short walk outside feels like you've signed up for a high-intensity workout by accident.

For those of us with pets, it's worse. Watching our fur babies wheeze or slow down because the air literally hurts them is heartbreaking. The fear of bronchitis, the rushed vet visits, and the irony of having to step out again into the same toxic air — it makes you wonder: what will our lungs, our bodies, and our lives look like 10 years from now?

It isn't just a feeling — it's a crisis. Delhi has already witnessed two citizen-led protests this November, demanding action against the government's inaction on dangerously worsening air quality. Doctors are calling this winter's pollution nothing short of a public health emergency, urging decisive, covid-style long-term solutions.

Across Delhi, Punjab, Haryana and Uttar Pradesh, the air has been deteriorating since October — a tragic annual ritual powered by stubble burning, firecrackers, vehicular emissions, low wind speeds, and the region's geography. Hospitals have seen a surge in cases: AIIMS reported a 10-15% rise in respiratory illnesses after Diwali, while Fortis Gurugram saw OPD footfall jump 20%.

And here's the frightening part — India is home to 13 of the world's 20 most polluted cities. A Lancet study says 1.72 million Indians died due to outdoor air pollution in 2022. That's not a statistic. That's us.

Doctors insist the situation is dire. Masks and purifiers help only a little. Children and pregnant women are at higher risk. And even healthy people are falling sick with pneumonia, bronchitis, sinusitis, and respiratory failure. Burning eyes, breathlessness, skin irritation — these are now just everyday Delhi symptoms.

While the government has adaptation programmes like the NPCCHH and updated advisories urging states to track air quality daily, train staff, and prepare health systems, these are mostly reactive steps. The Centre recently mandated chest clinics in government hospitals to handle the spike in pollution-linked cases, and private hospitals have extended OPD hours too. Read the detailed explaination by Jessica Jani on how Delhi's pollution is hurting its people.

On to the best of Mint's journalism from this week:

Who really owns india's airwaves?

Can a bankrupt telecom company actually sell the spectrum it once used—when that spectrum technically belongs to the people of India? The Supreme Court has now reserved its verdict on this big question as Aircel and RCom undergo insolvency. The outcome could reshape how India treats spectrum — a national asset, a bank security, and the lifeline of telecom services. With banks fighting to liquidate it, the government insisting it can't be sold, and asset reconstruction firms stuck in limbo, the ruling could decide the fate of lenders, telcos, and the future of India's airwaves.

The quiet inflation revolution

India—once known for stubbornly high inflation— is now quietly slipping into a phase of low, steady price increases. Retail inflation plunged from 4.3% in January to just 0.25% in October, while wholesale inflation has gone negative. With nearly a decade of flexible inflation targeting behind us, could this be the start of a structural shift? And if inflation really stays low, what happens to growth, interest rates, and even the rupee? A calmer inflation landscape could mean a stronger currency, fewer rate hikes, cheaper loans, better corporate earnings, and room for fiscal expansion.

Why GST growth is back on track

GST revenue, which slowed to 4.6% growth in October, is now expected to rebound to a strong 10% in November. So, did the September rate cuts really dent revenue? Not quite. Turns out, many shoppers simply delayed big purchases until prices dropped on 22 September. With October being the first full month of lower rates, November collections (reflecting October sales) may touch ₹2 trillion. If GST stays this buoyant, could India actually hit its ₹10 trillion target—and even ease its fiscal worries? And does this prove that moderate taxes really do boost compliance and consumption?

What's next for India's weak PSU insurers?

The Centre is quietly dusting off an old idea — a major overhaul of National Insurance, Oriental Insurance, and United India Insurance. Will they merge into one super-insurer? Will one be privatised? Or could two be folded into the stronger New India Assurance? The government is exploring all possibilities as it pushes to trim PSU presence in non-strategic sectors. But despite years of losses and razor-thin solvency ratios, all three insurers have recently shown signs of life, prompting fresh conversations. With 100% foreign direct investment (FDI) allowed and global competition heating up, consolidation may be the sector's best survival strategy.

BJP's momentum vs regional fortresses

The BJP-led NDA may have secured a comfortable win in Bihar, but can this streak survive the battlefield of 2026—especially in states the party has never conquered? PM Modi confidently linked Bihar's victory to future gains in Bengal, but is the Ganga of political momentum really that predictable? West Bengal, Tamil Nadu and Kerala have long resisted the BJP's growing footprint, despite welfare schemes, institutional muscle and clever alliance management powering its recent wins. But can the same playbook work again, especially with welfare spending skyrocketing across states? And more importantly, how long can states afford this welfare firehose before budgets start to creak?

India at COP30

Week one of COP30 in Brazil wrapped up with two shiny new funds—one to reward nations for protecting tropical forests and another to tackle climate-linked health risks. But will rich nations finally put real money on the table for developing countries? India certainly isn't letting them off easy. It's pushing hard for fair finance, easier tech access, and warning against "green" trade rules turning into disguised protectionism. As talks now shift to fossil fuels, climate finance and global commitments, one question looms—can COP30 deliver more than promises in a year packed with rising temperatures and rising expectations?

When AI trips, who pays the price?

What happens when a Big Four giant leans a little too hard on AI? Deloitte Australia just found out the hard way. Their welfare review—later revealed to be drafted using generative AI—was riddled with fake citations and even a fabricated court quote. Cue public outrage, political fire, and a partial refund of nearly A$439,000. But if consultants charging lakhs per hour are relying on AI for the heavy lifting, what exactly are clients paying for? As firms scramble to set AI guardrails and clients demand transparency, the consulting world faces a reckoning.

Crowded cities, hidden risks

A car explosion in central Delhi on 10 November shook all of us. It makes you wonder—how did an IED packed with ammonium nitrate and even TATP slip past security nets? Experts say materials such as TATP are almost invisible to traditional scanners, reminding us that current systems still miss too much. While police forces nationwide now use AI-driven facial and object recognition to spot threats, unorganised parking spaces and crowded public zones remain weak spots. Tech is getting smarter, but it's still a cat-and-mouse game with threat actors. This raises a couple of questions: can AI ever truly stay one step ahead? And what role do we, as citizens, need to play?

MSME lending reset begins

Is India's great MSME lending boom starting to creak? Non-bank lenders seem to think so. After a lending spree to small businesses with weak credit profiles, defaults are rising—and NBFCs like Bajaj Finance, IIFL, Shriram and Ugro are suddenly tapping the brakes. Bajaj Finance has cut MSME lending by 25% after bad loans spiked, while others are pushing secured loans, tighter scrutiny and bigger buffers. But if MSMEs power a third of India's GDP, what happens when their debt grows faster than their revenues? With US tariffs hurting exporters and demand slowing, lenders are going risk-first.

Is Vodafone Idea still on borrowed time?

Vodafone Idea was widely believed to be heading for a shutdown by 2026 under the crushing weight of its ₹83,400-crore AGR dues. Yet here we are—with the government now its largest shareholder and the Supreme Court opening a door it once shut firmly: the recomputation of AGR dues. It's a plot twist no one saw coming. But will this extraordinary relief be enough? Can Vi raise fresh capital, revive its network, and truly claw its way back into the telecom race? Or is this just a temporary pause before an inevitable ending?

That's all for this week. I hope you have a pleasant weekend!

If you have feedback, want to discuss food, movies and shows, or have anything else to say about our journalism, write to me at shravani.sinha@livemint.com or reply to this email. You can also write to feedback@livemint.com.

Best,

Shravani Sinha

Senior Correspondent