Acharya Prashant explains that space and time are properties of the mind, not external realities. He states that space and time exist within the mind and nowhere else. We commonly feel that time is flowing like a river and we are in it, but this is a misconception. The Upanishadic seer clarifies this by saying, "I am not in time; I am time. Time is in me." This means that time is a mental construct, existing within our consciousness. Similarly, we do not exist in space; rather, space exists within us. This idea is difficult to grasp because we are deeply conditioned to believe we exist within space and time, a notion reinforced by science, our senses, and our identification with the body. The speaker references a verse from the Narayan Upanishad: "Naaham Kaalasya, Ahamev Kaalam," which translates to "I am not of time; I am time." He explains that in Indian thought, the word 'Kaal' signifies both time and death. This verse can be interpreted as "I am not of time, I am not of death. I am death itself, I am birth itself." This implies that we are the source of time. We do not come and go; time comes and goes within us. What we call birth is not our birth but the birth of time within our consciousness. Since memory can only exist in time, the arousal of time leads to the beginning of memory. Our deep identification with memory makes us believe that we begin and end. In reality, we are always present, outside of time. The rising and falling of time within us is mistakenly perceived as our birth and death.