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The occurrence of lightning strokes due to indirect effect of lightning discharges, has assumed a lot of importance in the recent times. This is due to the sensitive, vital electronic equipment which are highly vulnerable to such indirect effects. In this article, attempts are made to bring out the salient features and related parameters of lightning discharges (with specific reference to indirect effects). Glimpses of the experimental research efforts to understand the phenomenon are described based on the published scientific work, along with some of the typical simulation results of the authors. These simulation results (computed electromagnetic fields) are validated by some of the important results described in the literature. This being a review article, the vital electrical and electronic systems/components which have been researched with reference to indirect effects have been enumerated, and the present understandings have been discussed.