As Prajāpati you move in the womb; you alone are born again. To you, Prāṇa, these creatures offer oblations, to you who dwell in the body together with the organs.

Prajāpati — the Lord of creatures — is identified with Prāṇa. It is Prāṇa who moves in the womb (garbha), who makes fetal development possible, who “is born again” in each incarnation.

The phrase pratijāyase — “you are born again” — suggests reincarnation. The jīva (individual being) takes a new body, but it is Prāṇa who makes this new birth possible.

The oblations (bali) are the offerings that beings make to Prāṇa. Each breath is an offering. Each action requiring energy is a bali offered to the fire of Prāṇa. On a deeper level, the body itself is the offering that Prāṇa consumes.

Prāṇaiḥ pratitiṣṭhasi — “you dwell with the prāṇas,” that is, with the organs of the senses. Prāṇa is the supreme tenant of the body, the true “I” that dwells in this temporary abode. Haṭha yoga is the art of making this body a temple worthy of Prāṇa.