bhuvaḥ - of the world; bhāra-avatārāya - to lessen the burden; bhagavān - the Supreme Personality of Godhead; bhūta-bhāvanaḥ - always the well-wisher of all the living entities; avatīrṇaḥ - now He has descended; nija-amśena - with all the paraphernalia that is part of Him; puṇya-śravaṇa-kīrtanaḥ - He is simply worshiped by hearing and chanting, by which one becomes purified.

Lord Baladeva is the Supreme Personality of Godhead. One who hears and chants about Him is purified. Because He is always the well-wisher of all living entities, He has descended with all His paraphernalia to purify the entire world and lessen its burden.