This paper discusses emerging demographic patterns and its opportunities and challenges for India. It investigates the specificities in the demographic transition in terms of various demographic parameters and the lack of homogeneity in the transition across states in the country. It presents some opportunities that can arise from having demographic changes, particularly the demographic dividend and interstate migration to overcome labor shortage in some parts. At the same time, there are serious challenges in the form of enhancing human capital development, addressing the issue of skewed sex ratio, and the possible rise in social and political unrest and conflict.