Demographically India is in a very unique position compared to many other countries in the world. At present, the under-25 population in India is more than 50% of India's total population, and it is predicted that it would comprise ~25% of the world population within the next decade. This "demographic dividend" provides India with a solid platform to explore different possibilities in the field of education and research, especially after the approval of the new National Education Policy (NEP) in 2020. NEP 2020 proposed drastic changes for both the school and higher education systems--including a brand new academic structure 5 + 3 + 3 + 4, increased focus on experiential learning and higher-order thinking skills, innovative and technique-based pedagogy, new evaluation techniques, teacher training, and online learning. In light of these proposed changes in the educational system, we have discussed a brief history of chemistry education and research in India and its present scenario. We have examined the growing trend of the increasing number of students pursuing science, particularly in chemistry (PhDs in chemistry accounting for almost 20% of PhDs in science in India). We also debated the quality and impact of research publications from India. Finally, we scrutinized the challenges faced by chemistry education in India and explored different opportunities based on the new NEP to unleash the full potential of chemistry education and research in India.