Question

What is the physical significance of momentum. Like velocity gives us how position is changing with respect to time, what does momentum of an object show?

Answer 1

The rate of change of momentum of a particle-like object / system of particles at a particular instant, gives the net external force acting on it at that instant, provided we view it from an inertial frame of reference.

Answer 2

momentum of a particle is related to its kinetic energy E=(p*p)/(2*m)