The Chakra is the national symbol of freedom, unity and power and is also found on the Indian Flag. The Chakra spiralling upwards apparently depicts the growth of India into a proud, vibrant nation. As the Chakra emerges, you can also see the the elements in the Charkra turn into people, which I suppose represents everyone involved in the games from the athletes, organizers and the host nation. The games also are going to promote a "Green" theme which may be why the Chakra ends in green. The entire logo also appears to be in the shape of a torch and flame (it may be my imagination).
The bottom of the logo has a tagline of "Come out and play" which is an invitation to everyone to get involved and participate to the best of their abilities in the true spirit of the games. Also at the bottom of the logo, you can find a three-pointed structure which is the logo of the Commonwealth Games Foundation (CGF) also known as the Bar and the 'W'. The three points of the "W" stand for Humanity, Equality and Destiny. The CGF logo strives to express the core values of the Commonwealth itself, which seeks to unify humanity, promote equality and give all athletes a chance to realise their destiny at the Commonwealth Games.
Overall I like the logo and it has an Indian touch to it. It may be too big with the tag line and everything else but the core logo is really pretty.