। ॥
In plain words
'I' and 'this' — the whole world runs on these two thoughts, every waking moment, without a break. The first settles inward, on what faces within; the last settles outward, on the body, the senses, and all the outer things they reach.
Close to the Sanskrit
And by the two notions 'I' and 'this' the whole world too transacts continuously; the first dwells in the inward-facing self, the last dwells in the external object consisting of body, senses, and the rest.