In plain words
The Ātma itself is a pool; in it the lotus of the jīva principle is born with the leaves of the principle of Māyā, spreading the fragrance of virtues and splendours, and without setting its life apart at all, that lotus merges in the Ātma itself; and the water standing on the lotus's petals, too, is offered into the Ātma itself: this is what this śloka shows us. It shows, for the very form of our Ātma, the truth that the drops of water leaping up from the pool rest on the lotus petals and then merge back into the pool itself. Showing this Ātma as an undivided whole, the lotus flower of the principle of creation rising within it, joining with it those leaves of Māyā, setting within it these drops of the jīva principle, and making those very feelings, as its fragrance, spread through the world: that inner meaning is the culture of us Bhāratīyas. Yesterday I told you that Viṣṇutva is all-pervasiveness. From the navel of all-pervading Viṣṇutva a lotus arises, and in that very lotus Brahmā, the Brahmā principle, dwells; and for that lotus, for Brahmā, for those petals and the leaves too, the water of Viṣṇutva alone is the support: this is what the sculptors' art of us Bhāratīyas, too, keeps showing us. It also taught that the principle by which, from all-pervading Viṣṇutva, this one called Brahmatva sets out, is created as the jīva principle, and is made to merge back into the principle of the Ātma itself, is the doctrine of Advaita. These very things it set out as jīva, Īśvara and Prakṛti, a form made of the three guṇas. So the nature of Prakṛti appears to us as the Brahmā principle, the nature of the jīva as the form of a drop, and the nature of Viṣṇu as all-pervasiveness. It showed that for us to think of the world that appears so, the very form of the Trimūrti, as something separate is itself the mark of Māyā. For a tree to be born, grow and give fruit, air, rain and earth are its support. For all three of these, the seed stands as the chief support. If the seed itself is not there, then even with air, rain and earth present, no tree appears to us. In just the same way, God's resolve, for man's creation, takes up according to karma the resolve of his former births, and he is born in this world as a sapling.