The present work is based on the analysis of human psyche that is affected by caste, gender politics and other forms of discrimination prevalent in the society. Fears, aspirations, dreams and hopes are analysed in relation to their context with possible reasons for people‟s behaviours. Values, morals, teachings, lessons, hidden meanings are all universal and relevant in appeal and form even today as the basic characteristics of humans remain the same, despite the fact that they were created in symbolic period of time. The present research paves way for further explication of the elements of folktales inherent in other forms of literature, movies and multimedia to see the extent of dissemination and adaptation.