Theory:

     Hamid said, “Will you give it to me for three?” Then he walked away, afraid the shopkeeper would scream at him. But the shopkeeper did not scream. On the contrary, he called Hamid back and gave him the pair of tongs. Hamid carried it on his shoulder as if it were a gun to show it to his friends. Mohsin laughed and said, “Are you crazy? What will you do with the tongs?” Hamid flung the tongs on the ground and replied, “Try and throw your water carrier on the ground. It will break.”
 
     Mahmood said “Are these tongs some kind of toy?”
 
     “Why not?” replied Hamid. “Place them across your shoulders and it is a gun; carry them in your hands and it is like the musical instrument carried by singing monks. My tongs are like a tiger among toys.”
Explanation:
 
Hamid asked for three paisa and kept walking, thinking that the shopkeeper might scold him. But on the other hand, the shopkeeper did not scream at him and gave him the tongs. Hamid was happy about his choice and wanted to show his friends. He put the pair of tongs on his shoulders like a gun for everyone to see. Mohsin laughed at him and asked him if he was mad and what will you do with those tongs. Hamid quickly threw the tongs on the ground and replied, asking him to throw his water carrier on the ground to see if it breaks.
 
Mahmood was bit surprised saying if tongs were also a type of a toy.
 
Hamid happily replied that if he keeps the tongs on shoulders it appears as a gun, or it can be used as a musical instrument used by singing monks. He compares his tongs with tiger. A tiger is superior among all animals, and his tongs are superior than those toys.
 
Meanings of difficult words:
  
Numbers
Words
Meanings
1.
Contrary
Reverse.
2.
Monks  
Hermit. 
Reference:
State Council of Educational Research and Training (2019). Term-1 English Standard-7. Eidgah -Story by Munshi Premchand, Translated and Adapted by Uma Raman  (pp. 01-08). Published by the Tamil Nadu Textbook and Educational Services Corporation.