The first case of COVID-19 was identified in December 2019. In just two years, the pandemic has wreaked a lot of havoc across the globe. Various determining factors will decide the fate of a looming third wave in India. Although there is no direct evidence of a third wave, many metro cities in India have reported a surge of new cases despite mass vaccination. The rapid development of vaccines and mass vaccination programmes has helped contain the crisis in the past. An updated and robust vaccination campaign along with public measures like the avoidance of large gatherings will help counter the third wave. Over 50% of the eligible population in India has been fully vaccinated to date. The emergence of new strains like the Alpha, Beta, Kappa, and Delta variants of concern, which may exhibit vaccine resistance, may complicate matters. Significant challenges include inadequate data collection, public unawareness, fake news, irregular vaccine supply, and the presence of mutant variants. Comorbidities like dengue complicate disease course. Travel restrictions, personal protective equipment shortages, and barriers to healthcare access are important obstacles to overcome. An increased focus on pandemic preparedness is needed. Targeted vaccination campaigns can help build a favorable public perspective. Data gathering and research need to be promoted. The nation's healthcare policy can benefit from relevant updates based on science and socio-cultural awareness. The fight against the pandemic needs to be cooperative at an international level, with adequate support meted out to resource-poor countries. Long-term structural changes to the healthcare system coupled with strategies for immediate relief will pave the way forward to a stronger system with better contingency planning.