May all beings in all worlds be happy and free from suffering, can you explain the significance of the phrase "loka samastha sukhino bhavanthu" in Hindu philosophy?

The phrase "loka samastha sukhino bhavanthu" in Hindu philosophy expresses the wish for the happiness and well-being of all beings in all worlds. It reflects the belief in interconnectedness and compassion towards all living beings, emphasizing the importance of promoting peace and harmony for the benefit of all.