Acharya Prashant explains that there is no need to delete or get rid of the past, but one must understand the correct way to look at it. He emphasizes that to observe anything, including the past, there must be a distance between the observer and the object. If a person is totally identified with or attached to the past, they cannot truly observe it because they are living in it. Observation is impossible in a state of attachment because the mind becomes nothing but a bundle of memories without the capacity for honest and free observation.