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The further etymology is uncertain, with two theories about its origin:
One possibility is conception as a derivative of Proto-Indo-European*h₃eyd-(“to swell”) with nasal infix, thus *(H)i-n-d-rá-s(“strong”) individualized into "the strong one" and underwent a secondary accent shift. In this case इन्द्र(indra) could be cognate with Serbo-Croatianjedar(“strong”).
He who slew the Dragon, freed the Seven Rivers , and drove the cows forth from the cave of Vala, He who begat fire between two stones, he who overpowers warriors in battle, He, O folks, is Indra.
^ Mayrhofer, Manfred (1992) Etymologisches Wörterbuch des Altindoarischen [Etymological Dictionary of Old Indo-Aryan] (in German), volume 1, Heidelberg: Carl Winter Universitätsverlag, pages 192-93