India’s smartphone retailers see 18% drop in sales as handset price soars

Soaring smartphone prices, due to rising memory and storage prices, are making buyers switch to refurbished smartphone market and even grey market to avoid 18% GST on handsets.

“If the government does not intervene, we anticipate an 18% contraction in sales in 2026 — a first in our industry’s history,” said AIMRA Founder and Chairman Kailash Lakhyani.