Originally, the saffron color represented Hindus, the green Muslims, and white other religious communities. However, this is no longer the case, since the symbolism has been redefined to avoid sectarianism. They now symbolize courage and sacrifice, peace and truth, and faith and chivalry respectively.

Unusual with the Indian flag is that not only the graphical design carries symbolism, but also the fabric. An Indian flag should only be made out of Khadi, a special hand-spun cloth popularized by Mahatma Gandhi.

Wikipedia page about the flag