The colours are saffron, white and green. The navy blue wheel in the center of the flag has a diameter approximately the width of the white band and is called Ashoka's Dharma Chakra, with 24 spokes (after Ashoka, the Great). Each spoke depicts one hour of the day, portraying the prevalence of righteousness all 24 hours of it.
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(File re-coded by hand. File size significantly reduced. More saturated orange. Used [http://homepage.mac.com/gratitude/PeacePath__Flags_Data/IndiaF.gif this] as a template.)