Question

Tum mujhe khoon do mein tumhe aazadi doonga ka kya arth hai

Answer 1

The literal meaning in English is ‘Give me blood, and I will give you Freedom.’

A deeper meaning is that he never thought that India could be liberated by peaceful means like Gandhi did and so wanted the people to go into open revolt and form an army to throw the Britishers out, and by that they would offer their blood for their freedom.

Answer 2

This phrase was first said by NETAJI SUBHASH CHANDRA BOSH to his men.

It indicated that India could not gain freedom only by Satyagraha.
A more aggressive struggle should be taken.
So he gave a battle cry to his soldiers to defeat the Britishers and Indians would get their freedom.