This is bad news, though it's impossible to know how bad.
*Absolute* numbers of the Indian variant are rising, not just the proportion. *If* that's general in the community, not just local specific outbreaks (low local vaccination, workplace specific, place of worship, school etc) then it *will* spread exponentially and potentially super-exponentially as further restrictions are lifted.
Even if the vaccines are completely unaffected compared to wild type, a big spike will cause significant hospitalisation and death amongst the unvaccinated minority and those who for whatever reason aren't well protected by the vaccine.
So we're back in a race of vaccination vs virus.
If this case pans out June 21st lifting is off the cards, I think.