The 'bivalent' vaccine was tested in a trial for 850 adults, who had all received their first three doses of Moderna's original Spikevax vaccine.
Sera samples from individuals who received a booster of Covaxin were observed to be effective in neutralizing Omicron and Delta variants, the firm said in a statement.
NK Arora, head of COVID Working Group of the NTAGI, told that daily deliberations are on whether the existing vaccines in India can be specifically tailored against Omicron.
The study found that Omicron's spike proteins bind better than the Delta variant to the human ACE2 receptor.
Antibody levels rose steadily after two Pfizer shots and a J&J shot, and were at higher levels after four weeks.
Around 89 per cent of India's adults have been administered the first dose, according to health ministry officials.
While the intensity of symptoms with Omicron is less in those who are vaccinated, Dr. Coetzee said she observed this vaccine immunity-escape capability of Omicron from patient data.
WHO emergencies director Michael Ryan said there was no sign that Omicron could fully sidestep protections provided by existing Covid vaccines.
Medical experts have in recent days underscored that the South African population skews young and that more severe cases could emerge in the coming weeks.
Pfizer, Johnson & Johnson and Moderna each say they have begun work on a new version of their vaccine specifically targeting Omicron -- in case existing jabs don't work against it.