Best of the Week: Breathing in Delhi feels like guilt wrapped in festivity

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Every year after Diwali, I wake up hoping for that magical winter sunlight—but what greets me instead is a grey, choking haze that turns the city into a gas chamber. As a Delhi-NCR resident, I’ve lost count of how many times my phone’s weather app and the government AQI portal have fought over how bad the air really is. One says 400. The other says 1,200. My lungs tell me it’s worse.

It’s not that either is wrong—it’s just that the systems are different. Some use 24-hour averages, others measure in real time. Some stop counting after 500, as if the air can’t possibly get more poisonous. But those of us living here know it can, and it does. On Diwali night, AQI maps on social media showed parts of Delhi crossing 1,000, even 1,500. The government’s official scale, capped at 500, simply gave up on us.

What’s scarier is how this data mismatch hides the truth. The CPCB’s ‘National AQI’ averages pollution over 24 hours and cuts off anything beyond 500. So, if pollution spikes at night but eases a bit during the day, it pretends the average is tolerable. But step outside, and every breath feels like a betrayal.

The irony? We light up the skies in joy, but the next morning, the sun itself struggles to break through. No app or index can capture the heaviness in the air—or in our hearts—as we wonder how much longer we can keep calling this home. Mint's Tanay Sukumar explains in this detailed report on why the difference really happens and why it matters.

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

Festive sparkle, fading shine?

Did your Dhanteras gold already lose its glitter? If you bought gold or silver last week, you’re likely nursing small losses—silver tumbled 15% and gold dipped nearly 2% since mid-October. Even silver ETFs like Nippon Silver Bees and ICICI Prudential Silver ETF fell around 16–17%. But don’t panic just yet. Experts say the sparkle isn’t gone—it’s just taking a breather. With central banks and institutions driving demand, this dip could be a buying opportunity, not a warning sign. So, should you add more gold or stay put? Many advisors suggest going slow—think SIP-style, bit by bit. After all, festive corrections are routine.

Inside the boardroom drama at Tata Group

A storm is brewing within the Tata Group, as long-simmering differences at its two power centres, Tata Sons and Tata Trusts, spill into the open. The friction, rooted in board appointments, governance, and control, has now drawn the attention of regulators and policymakers. At the heart of the dispute lies the question of whether Tata Sons, the group’s unlisted holding company, should go public. Tata Trusts, which owns 66% of Tata Sons, wants to preserve its private structure, while the cash-strapped Shapoorji Pallonji Group, with 18% holding, is pushing for a listing to unlock value amid mounting debt.

Gold beats oil as the world’s fear gauge

Gold has dethroned oil as the global barometer of economic uncertainty. With conflicts simmering, trade tensions rising, and supply chains in flux, investors are rushing to gold, driving its price past $4,000 per ounce. Oil, on the other hand, has tumbled over 40% since early 2022, even as uncertainty mounts. Historically, both commodities moved in sync during crises, but the past two years have broken that pattern. The gold-oil ratio—now around 68, up from 16 in mid-2022- captures this divergence, reflecting investors’ growing faith in gold as a safe haven and waning reliance on oil. As the world shifts to renewables and new energy dynamics take hold.

Cautious optimism: India Inc sees stronger earnings only in H2 FY26

Top executives and fund managers expect corporate earnings to pick up only in the second half of FY26, with most saying the GST-driven consumption boost has been overstated. In Mint’s latest market survey of 36 CEOs and analysts, 83% foresee moderate Q2 earnings, with growth momentum likely from December onward. Nifty 50 profits are expected to rise 6–7%, led by autos, cement, and pharma, though banks and FMCG could face margin pressure. Gold’s rally has investors divided, while IPO sentiment remains upbeat, buoyed by liquidity. Yet, over half the respondents believe festive demand may disappoint.

What another US-China trade war means for the world

The US-China trade war has flared up again after Beijing imposed export curbs on rare earth minerals, prompting Washington to threaten 100% tariffs from 1 November and new export controls. China retaliated, citing US restrictions on semiconductor access and port fees on Chinese-linked vessels. The spat now spans shipping, chips, and soybeans—once the symbol of agricultural diplomacy. While President Trump promises a “fantastic” deal at the upcoming APEC Summit, analysts expect only another temporary truce. For India, the renewed trade tension could open opportunities in agri exports but risks cheaper Chinese goods flooding its markets.

Are green crackers really a cleaner Diwali solution?

Every Diwali, air pollution debates flare up with firecrackers at the centre. To tackle this, the Supreme Court has once again allowed the use of certified “green crackers” that claim to cut emissions by 30%. Developed by CSIR-NEERI, these variants replace harmful chemicals like barium and lead with safer compounds and feature lower noise levels. However, experts say their real-world impact remains limited—millions of crackers still release huge amounts of particulate matter, and counterfeit “green” versions flood the market. Enforcement is patchy, and public awareness is low. Without strict checks and genuine compliance, green crackers may remain more about optics than outcome, offering little relief to Delhi’s smog-choked skies.

When OTT doors close, YouTube opens!

Imagine spending eight months crafting a show—only for the streaming giant to say, “Sorry, doesn’t fit our plan.” Painful, right? That’s exactly what’s happening to small and mid-scale filmmakers across India. As OTTs chase ₹500-crore blockbuster deals with big studios, indie creators are being left out in the cold. But guess who’s quietly becoming their saviour? YouTube. With Aamir Khan premiering Sitaare Zameen Par on a ₹100 pay-per-view model and studios like TVF and Balaji launching originals there, the shift is real. Sure, YouTube may not pay upfront like Netflix, but it offers freedom, ownership, and a direct link to fans.

Lights, crackers, and choking skies

Ever noticed how, after all the lights and laughter of Diwali fade, the air in Delhi starts to sting a little more? You wake up coughing, your eyes burn, and suddenly, your morning walk feels like a workout in a gas chamber. This year, with the Supreme Court allowing ‘green crackers’, pollution spiked sevenfold on Diwali night in parts of Delhi and Gurugram. And here’s the scary part—it’s not going anywhere soon. Even days later, the AQI remains in the “very poor” zone, while PM2.5 levels continue to hover way above safe limits. The festivals may be over, but Delhi’s annual winter dread has just begun.

India’s festive smartphone boom — or just a glitch?

So, did everyone just buy a new phone this Diwali? Seems like it—sales jumped 15% this festive season! But even with all that buzz, India’s smartphone market still isn’t growing the way it used to. Remember 2021, the peak year? We’re still lagging behind it. Sure, people are splurging more on fancy ₹30,000+ phones (hello, iPhone 17!), but the number of actual buyers is shrinking. Fewer first-time users, slower upgrades, and credit rejections are all adding to the slump. With over 200 million still using feature phones, can India find its next wave of smartphone converts?

A lifelong loyalty or a brewing rift?

What’s really happening behind the closed doors of Tata Trusts? Four of its seven trustees — including Mehli Mistry and Pramit Jhaveri — have called Venu Srinivasan’s reappointment a mere “procedural formality,” reaffirming their earlier decision to make all trustees permanent. Sounds smooth? Not quite. The move comes amid growing internal rifts — from questions over information-sharing on Tata Sons’ board to power balances after Ratan Tata’s passing. With lifelong tenures now in play, this could either mean stability or deepen the divisions within India’s most powerful conglomerate.

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