What is the deeper meaning of …

The literal meaning of the above line is that the king has died, and it is hoped that the new king will live a long time.

However, the poet through this expression tries to bring out the irony of this slogan shouted by the ministers and the crowd, where they are praising the king for his wisdom that has resulted in his hanging.

It is highly ironical that they are hoping that he lives long through those principles of his, which have inadvertently caused his death.

ANSWER-

Kalki's 'The Tiger King' is a satire on the pride and stubbornness of those in power.The maharaja pf Pratibandpuram tried to belie what was written in his fate. The chief astroger had foretold that he was born in the hour of the Bull.The Bull and the Tiger were enemies. Hence the cause of his death would be a tiger.The new born child gave the signs of some miraculous power.He might even belie the predictions of astrologers but unfortunately it was not to be. Not that the king did not try his best. His campaign of tiger hunting was very successful. But the satirical auspect of the whole story is the king's inability to kill the hundredth tiger. All his strategies and plans worked till he killed 99 tigers. But the hundredth tiger eluded him till his death.

The irony of fate brings an unexpected end of the Maharaja.The hero who killed ninety nine tigers could not kill the only one which was left. The last tiger he thought to be dead survived as the king's bullet had missed its mark. Ironically ,the hundredth tiger which caused his death was not a ferocious beast of blood and flesh. It was a wooden tiger. 

In fact ,when the dewan arranged hundredth tiger for the Maharaja's hunting.The Maharaja took a careful aim at the tiger and the beast lay down on the ground in a heap.Later it was found that the tiger was not dead and the bullet had missed its mark.The people did not want that the king must not come to know of it. So the tiger was killed. It was the third birthday of the King's son.The Maharaja bought a wooden tiger as a special birthday gift to his son.When the king was playing with the wooden tiger , a needle-like sliver pierced his right hand.Infection flared up and it became a sore.Three surgeons operated upon the Maharaja but they could not save him from dying. When the doctors came out from the operation theatre they made this remark in a humorous manner , " The operation was successful. The Maharaja is dead".