Yes it is. Here's why :
There's just too much cricket these days. In the early 2000s, when cricket was an appetite, there used to be 3–4 series a year and a World Cup every 4 years. However, now, there's a whole new format of the game - T20. IPL every year, champions trophy, Asia cup, World cup in two formats, and then the regular series. This makes it very ordinary and easy to get.
Retirement of Sachin Tendulkar. A lot of people in India started watching cricket because of the consistency and the class of Sachin Tendulkar. His retirement was immediately followed by the decline in cricket followers.
The Fab 5. With the taste of Sachin, people also loved Virendra Sehwag, VVS Laxman, Rahul Dravid, Saurav Ganguly. These were some really good players. You could visualize them as the Pandavs, keeping Indian’s back in every battle. They all had different playing styles, different shots and everyone had a specific role in the team. Retirement of these players is another big reason.