Śrīmad-Bhāgavatam 10.25.4
Blended reading (Sanskrit + English inline)
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bhava - arṇavam
—
the ocean of material existence
bhava (becoming, saṁsāra) + arṇava (ocean). A standard Vaiṣṇava metaphor — the bhava-sindhu is crossed only by Kṛṣṇa's mercy (mām eva ye prapadyante, Bg 7.14). Indra mocks the only working raft.
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nau - nibhaiḥ
—
which serve as boats (in name only)
nau (boat) + nibha (resembling). Indra accuses Vraja of using a 'so-called boat'; the irony is that ritual sacrifice without recognition of Kṛṣṇa is itself the boat in name only. Gauḍīyas read this inversion as Indra's own diagnosis turning on him.
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karma - mayaiḥ
—
based on fruitive activity
karma + mayaḥ (consisting of). Indra defends ritualism — exactly the path Kṛṣṇa supplants when He instructs Nanda in the previous chapter to worship Govardhana instead. The verse exposes Indra's investment in karma-kāṇḍa.
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ānvīkṣikīm
—
spiritual (knowledge)
Traditionally 'logical science of the self.' Indra claims Vraja has abandoned ātma-vidyā for blind faith. The chapter inverts this: Vraja's direct surrender is the highest ātma-jñāna, and Indra's 'knowledge' is the abandonment.
As vaisnavas desire to cross the ocean of material existence and thus take shelter of Krsna, rejecting the quest for knowledge of Brahman, these cowherd men have become absorbed in a sacrifice as a boat to cross the ocean, which cannot do so (adrdhaih). One should not attempt to cross the ocean by taking shelter of Krsna, hoping to reduce the size of the ocean to size of a calf’s hoofprint. But they desire to do so.
Just as foolish people try to cross material existence by sacrifices which give temporary results (adṛḍhaih), the cowherds took shelter of Kṛṣṇa and offended me. This example shows that they acted unsuitably because of lack of discrimination. Or, just as the foolish give up knowledge and try to cross existence by temporary sacrifices, the cowherds gave up Indra’s worship and took shelter of Kṛṣṇa and are trying to cross material existence. Because of his great anger, he does not complete the sentence. The real meaning however is this. Just as the devotees give up impersonal knowledge along with sacrifices, and desire to cross existence simply by taking shelter of Kṛṣṇa, the cowherds gave up my worship and tried to cross material existence by taking shelter of him.
Indra ridicules the cowherds for crossing saṁsāra in a 'boat' named Kṛṣṇa instead of one named yajña. He has inverted the truth exactly — the very Person on whose behalf yajña is performed (Bg 5.29, yajña-bhoktāram) is now being called the inferior boat.
My note
Source: vedabase.io