Vajrayana is a deep-rooted Buddhist phenomenon, dating right back to the Abhidharmika and Mahayana systems if philosophy. The Significance of the Vajrayana school of Buddhism emerges on a closer analysis of its various fundamental beliefs. In order to be properly practised, a clear understanding of the insights in Mahayana Buddhism as well as the Vaibhasika and Sautranika doctrines is absolutely essential.

The practice of Vajrayana is a much-debated topic, with two extreme view-points arguing the subject. Though Vajrayanic insights may be tolerable or even acceptable to many, its praxis is judged irrelevant and impractical in today`s world. The sadhana, involving the panca makaras is condemned as repugnant and repulsive. The injunctions prescribed by the Tantras are said to be immoral and wild. The way of life prescribed for the yogi in the tantric texts may be culturally and religiously alien to the modern world. Hence the question of the relevance of Vajrayana remains and unanswered question.

However, keeping in mind present sensibilities, it may be said that the practice of Vajrayana cannot be cut and pasted on to the modern man in its ancient garb; his sense and sensibility needs to be taken into account. Some of the practices may be outdated and offensive and impractical for practice in the modern era. However, Vajrayanic practice in its broadest outlines may be relevant for man even today. The mantric and yogic practices such as breath control, the meditation employing the visualisation techniques and the imaginative thinking with the aid of a mandala, can prove beneficial to the psycho-spiritual growth of the modern man. Finally, the practice is meant only as means for the realisation of the Vajrayanic vision and experience of reality and so the former is subservient to the latter. While the Vajrayanic insights into reality are relevant for modern man, he should perhaps strive to refine the ancient tantric practices, keeping in mind the time and tenor of modern society.

The significance of Vajrayana is thus immense. It makes man aware that the possibilities of liberation are contained within him. Furthermore, it chalks out a path that activates them and achieves the goal. In this sense, Vajrayana serves as a help and not a hindrance. The terrain of Vajrayana may be a difficult one to traverse, nevertheless, the journey proves to be a most fruitful. The significance of Vajrayana lies in that it has the potential to furnish us with a new vision of Man, a deeper understanding of metaphysics and rich insights into religion.