The mobile sales graph in India has declined in the recent times and while the mobile market has seen a growth by 25 percent, the rate of growth in the sales have come down by atleast 10 %, compared to the previous fiscal year.

The mobile sales have witnessed a worldwide growth by around 12 percent over last year but compared to the 16 percent growth rate in the last fiscal year, it has come down. Smart phones market saw a growth of 15.7 percent in the second quarter but compared to the earlier 60 percent growth, there is a drastic fall in the growth rate. [source]

The obvious culprit is recession, but do you think gray market plays a bigger role?