tvaṁ na indro jagat-pate
bhavāya bhava go-vipra
devānāṁ ye ca sādhavaḥ
tvam — You; naḥ — our; paramakam — supreme; daivam — worshipable Deity; tvam — You; naḥ — our; indraḥ — Lord Indra; jagat-pate — O master of the universe; bhavāya — for the welfare; bhava — please be; go — of the cows; vipra — the brāhmaṇas; devānām — and the demigods; ye — who; ca — and; sādhavaḥ — saintly persons.
You are our worshipable Deity. Therefore, O Lord of the universe, for the benefit of the cows, the brāhmaṇas, the demigods and all other saintly persons, please become our Indra.
The Supreme Lord is self-sufficient: He can do everything Himself. The Lord appointed one of His innumerable children to the position of Indra, the lord of the cosmic heaven. But Indra abused his authority, and now Surabhi requests Lord Kṛṣṇa, the Absolute Truth, to directly become her Lord, her Indra. We should carefully perform our duties without false pride; thus we will not become obsolete and embarrassed, as in the present case of King Indra, who actually attacked Lord Kṛṣṇa and His Vṛndāvana devotees.