New Delhi, Nov. 17 -- Last Tuesday morning, my friend called from Gurugram.

"I'm taking my daughter to the hospital again," he said, voice heavy with worry. "Third time this month." His seven-year-old had been coughing through the night-another respiratory infection triggered by Delhi-NCR's toxic air.

As I checked my phone, the Air Quality Index flashed 503, a number that now feels like an annual headline rather than an emergency. That call stayed with me, not just as a father, but as someone who works in financial services. Because when we talk about air pollution, we often focus on health. But there's another crisis unfolding quietly-one that's eroding Indian households' financial resilience.

The hidden cost

In September 2025 alone,...