In a Hindu context, the word 'modaka' is explained as being derived from the words "Moda" and "Pramoda", meaning joy, happiness, delight; modakas being gifts that Ganesha, the god of good luck, bestows on his devotees.[11] The shape of modaka is also said to represent a bag of money. Thus, it is also used to symbolize wealth, and all the sweet pleasures that wealth gives to humans. In a Tantric context, its shape is seen to symbolise an upward pointing triangle, which in Tantric art represents Shiva, i.e. spiritual reality, in contrast to the downward pointing triangle, which represents Shakti, material reality.[12]

Modak is also considered to be the favourite sweet of Gautama Buddha. During Buddha's Birthday, modaks are offered to the Buddha.Modak is considered to be the favourite sweet of the Hindu deity, Ganesha.[2] From it, he gets the moniker modakapriya (one who likes modak) in Sanskrit. The word modak means "small part of bliss" and it symbolises spiritual knowledge.[13] During Ganesh Chaturthi, the puja usually concludes with an offering of 21 or 101 modaks to Ganesha. Modaks made with rice flour shells are often preferred for this purpose, although wheat shell versions are also used. Local businesses outside Ganesh temples across India usually sell pre-packed/ready-made versions of modaks.