। ॥ ७५ ॥
In plain words
This body — the one we call 'I' and 'mine,' the very home of our confusion — is what the wise call the gross body. Space, air, fire, water, earth: these, in their subtle form, are the elements it is built from.
Close to the Sanskrit
The body, well known as 'I' and 'mine,' the seat of delusion — this is called 'gross' by the wise. Space, air, fire, water, and earth — these become the subtle elements.