I'd say think about it like this, what influences the decision to shoot film over digital?

If you want a certain 'film look', or 'digital look', the answer is obvious, but this is not a huge percentage of filmmakers anywhere.
If you're renting your equipment, and can only afford so much on your budget (filming, editing, production, etc), and one is extremely cheaper than the other then that'll influence most people's decisions.
If you're a big studio have a lot of old(er) film equipment lying around, and you can't afford to upgrade the whole lot to digital, then that'll influence what they choose. (This also counts for rental houses, the prices they charge are proportional to what they've got available).

So, does bollywood have lots of old film equipment lying around that they've been using for years? Are the incomes and profit-margins enough that they can all afford the latest digital equipment? Is the competition so fierce that mostly they just scrape through with a few pennies left, and they rely on the hand-me-down second-hand (film) stuff from the rest of the world?
(not rhetorical, I've got no idea).