'Clearly better...': Saurabh Mukherjea backs Ahmedabad as winter capital, says Delhi may be ‘unlivable’ by 2026-27

Saurabh Mukherjea, founder of Marcellus Investment Managers, has issued a stark warning on Delhi’s worsening air pollution, predicting that the national capital could be declared an “unlivable city” as early as the winter of 2026 or 2027.

Speaking on a recent podcast with Raj Shamani, Mukherjea described Delhi’s air quality crisis as a severe public health emergency that directly impacts daily life. He urged sceptics to experience it firsthand during peak pollution months.

“All you have to do is go to Delhi for a day in November, December, January, or February. If anybody doubts how big the issue is, go to Delhi for a day. Don’t wear a mask and see what it does to your body,” Mukherjea said.

He argued that the scale of the problem makes it impractical for Delhi to function as the sole administrative hub year-round, especially during winter when pollution levels peak. Drawing a historical comparison, Mukherjea noted that during British rule, governance shifted to Shimla in the summer due to Delhi’s extreme heat.

“Summers in Delhi are manageable now because of air conditioning. Winter is the real problem. India will need a winter capital,” he said, adding that environmental realities must shape long-term governance and infrastructure planning.

According to Mukherjea, Ahmedabad stands out as the most viable alternative. He highlighted the city’s relatively comfortable winters, saying they allow uninterrupted work without the health hazards seen in Delhi.

“Winters in Ahmedabad are decent — you can work throughout the year and the winter problems Delhi faces don’t exist in Ahmedabad. Ahmedabad is clearly better than Delhi in the winter months,” he said.

Mukherjea also pointed to political factors, noting Ahmedabad’s growing national importance. “Given the identity of dominant politicians in Delhi and their interests in Ahmedabad, it makes sense,” he said, suggesting that both practical and political considerations align in favour of the Gujarat city.

Linking the discussion to India’s global ambitions, Mukherjea referred to the country’s bid to host the 2036 Olympic Games, for which Ahmedabad has already been named the official candidate city.

“By the end of 2026 or the beginning of 2027, the International Olympic Committee will announce the winner. I think Ahmedabad will win,” he said.

If Ahmedabad secures the Olympics, Mukherjea expects a massive economic boost driven by large-scale infrastructure development, including stadiums, hotels, transport networks and urban renewal, creating “billions of dollars of wealth” and significantly elevating the city’s global profile.