। ॥
In plain words
That pure consciousness which shines as the witness of the body and the senses, standing entirely apart from them, is declared to be the true, implied meaning of the word 'Thou'.
Close to the Sanskrit
The witness of the body and of the senses, shining forth as distinct from them by being of a different nature, which consciousness is pure awareness—that is declared to be the implied meaning of the word 'Thou'.