इन्द्रस्येह चतुर्भागः प्रजा रक्षति राघव।
राजा तस्माद्वरान्भोगान्भुङ्क्ते लोकनमस्कृतः॥
indrasyeha catur-bhāgaḥ prajā rakṣati rāghava
rājā tasmād varān bhogān bhuṅkte loka-namaskṛtaḥ
indrasya = of Indra and other lokapāla demigods; iha = in this earthly paradise; catur-bhāgaḥ = as one-fourth; prajāḥ = the citizens; rakṣati = protects; rāghava = O descendant of Raghu; rājā = a king; tasmāt = therefore; varān = excellent; bhogān = enjoyments; bhuṅkte = he experiences; loka-namaskṛtaḥ = honored by the people.
1 Rāmāyaṇa-bhūṣaṇa: indrasyeti lokapālāntarāṇām upalakṣaṇam, “aṣṭābhir loka-pālānāṁ mātrābhiḥ kalpito nṛpaḥ” iti vacanāt.
2 As the commentary points out, this is the superficial meaning of this verse. [...] śrauta-prayogāc ca.
1 Rāmāyaṇa-bhūṣaṇa: idi paramaiśvarye iti dhātos tatraiva mukhya-vṛttitvāt [...] śrauta-prayogāc ca.
2 In text 20 of this chapter, the sages will assert that they are children meant to be constantly protected by Rāma.
The author notes another reason for [Rāma] being worshippable to them.
The factual meaning of this verse is: “[O descendant of Raghu], as one of the four incarnations of the Supreme Soul, You, [our king] in this earthly paradise, protect the citizens. Therefore, honored by the people, You] experience excellent enjoyments.”
Indrasya [factually] refers to the Supreme Soul because etymologically it refers to one with supreme opulences and such a reference is primarily applied to the Supreme Soul [Viṣṇu] and no one else, and because it is used in the Śruti to refer to Him 10.1
This is the only meaning that is consistent with the ślokas that come before and after this [śloka] because sages don’t join their palms above their heads to anyone, they don’t offer their āśrama to anyone and they don’t state that they are children of anyone.2