It’s been a while, hasn’t it? This design is brand new, so I still remember what it means.
The colour scheme was obviously taken from the Indian flag since Lakshadweep is an Indian territory. I gave the blue more prominence because of all the water. The green and safran also stand for the lush vegetation and the corals that make up many of the islands respectively. Safran and coral are sort of similar colours, right? The butterfly fish is one of the official symbols of Lakshadweep and is also featured on the territory’s emblem.