vedānām - (for the protection) of all the Vedas; sarva-devānām - of all the demigods; dharmasya - of all principles of religion; yaśasaḥ - of all fame; śriyaḥ - of all opulences; maṅgalānām - of all auspiciousness; vratānām ca - and of all vows; kalpam - the most expert; svarga-apavargayoḥ - of elevation to the heavenly planets or liberation from material bondage; upendram - Lord Vāmanadeva; kalpayām cakre - they made it the plan; patim - the master; sarva-vibhūtaye - for all purposes; tadā - at that time; sarvāṇi - all; bhūtāni - living entities; bhṛśam - very much; mumudire - became happy; nṛpa - O King.

O King Parīkṣit, Indra was considered the King of all the universe, but the demigods, headed by Lord Brahmā, wanted Upendra, Lord Vāmanadeva, as the protector of the Vedas, the principles of religion, fame, opulence, auspiciousness, vows, elevation to the higher planetary system, and liberation. Thus they accepted Upendra, Lord Vāmanadeva, as the supreme master of everything. This decision made all living entities extremely happy.