What does Naga mean?
From Sanskrit नाग (naga) 'snake, serpent', also denoting the semi-divine serpent beings (nagas) of Hindu and Buddhist lore. Note: classical Sanskrit lexicons record a secondary established sense 'elephant', and the deeper etymology of the word is itself uncertain; the primary and relevant meaning here is 'serpent'.
What does Kanaka mean?
From Sanskrit 'kanaka' (कनक), whose primary meaning is 'gold'. Literal metal sense. (An unrelated Greenlandic 'Kanak' meaning 'upper tent pole' is a separate homograph.)