The universe, the world in the waking state. Literally: The moving. The world becomes seemingly cyclical manifest and de-manifest. This can also be expressed as: nāma-rūpam (name and form).
- Jagat
Names, forms, functions, experiences, thoughts, feelings form a dizzying event that takes place in us in the waking state (jāgrat), when the mind has its sensory arrows out.
The reality of the world is a borrowed, dependent, changing, impermanent mithyā reality. It was never born and yet it exists, in the sense of the state of and in me, consciousness as consciousness.
Jagat is a product of consciousness associated with māyā and, because it is apparent, is material, inert (jaḍa). Matter is called dead or inert, because it is nothing at all in itself. It cannot be separated from consciousness, because it is consciousness. So everything is actually the light of consciousness, even if it does not seem like it sensorially. The senses play a major role in misinterpreting the world. The whole science is based on that, etc.
The good news is: I don't have to make myself dependent on something (the world), of which I know that it evaporates and has no tenable status in itself, and where there is no sustainable happiness to be achieved. The lasting happiness is myself.
Anecdote: jagannath in Sanskrit means ruler (nātha) of the world (jagat), and is worshipped in the form of huge carts. Devotees allowed themselves to be crushed under the huge wheels, which was an ultimate act of surrender. The English juggernaut is derived from this. Which means something like ruthless, destructive, overwhelming and inevitable. This expresses that the world is inevitably that which rises and falls. I can't really rely on the world, even if it seems that way physically.