India is currently experiencing the third wave of COVID-19, which began on around 28 Dec. 2021. Although genome sequencing data of a sufficiently large sample is not yet available, the rapid growth in the daily number of cases, comparable to South Africa, United Kingdom, suggests that the current wave is primarily driven by the Omicron variant. The logarithmic regression suggests the growth rate of the infections during the early days in this wave is nearly four times than that in the second wave. Another notable difference in this wave is the relatively concurrent arrival of outbreaks in all the states; the effective reproduction number (Rt) although has significant variations among them. The test positivity rate (TPR) also displays a rapid growth in the last 10 days in several states. Preliminary estimates with the SIR model suggest that the peak to occur in late January 2022 with peak caseload exceeding that in the second wave. Although the Omicron trends in several countries suggest a decline in case fatality rate and hospitalizations compared to Delta, a sudden surge in active caseload can temporarily choke the already stressed healthcare India is currently experiencing the third wave of COVID-19, which began on around 28 Dec. 2021. Although genome sequencing data of a sufficiently large sample is not yet available, the rapid growth in the daily number of cases, comparable to South Africa, United Kingdom, suggests that the current wave is primarily driven by the Omicron variant. The logarithmic regression suggests the growth rate of the infections during the early days in this wave is nearly four times than that in the second wave. Another notable difference in this wave is the relatively concurrent arrival of outbreaks in all the states; the effective reproduction number (Rt) although has significant variations among them. The test positivity rate (TPR) also displays a rapid growth in the last 10 days in several states. Preliminary estimates with the SIR model suggest that the peak to occur in late January 2022 with peak caseload exceeding that in the second wave. Although the Omicron trends in several countries suggest a decline in case fatality rate and hospitalizations compared to Delta, a sudden surge in active caseload can temporarily choke the already stressed healthcare infrastructure. Therefore, it is advisable to strictly adhere to COVID-19 appropriate behavior for the next few weeks to mitigate an explosion in the number of infections.