The Laughing Buddha

Budai(in Chinese) is often depicted as having the appearance of an amply proportioned bald man wearing a robe and wearing or otherwise carrying prayer beads. He carries his few possessions in a cloth sack, being poor but content.

His figure appears throughout Chinese culture as a representation of contentment. His image graces many temples, restaurants, amulets, and businesses. I am sure many Indian homes also possess it for the same reason :)

Amongst Westerners new to Buddhism, Budai is often confused with the historical Buddha, Siddhartha Gautama. However, the two are visually very distinct. Gautama is commonly depicted as being tall and slender in appearance (although since no images of him from his lifetime exist, this depiction of him is unverifiable and possibly idealized); Budai is short and overweight. (Buddha means “one who has achieved a state of perfect enlightenment” and there are several people who have been given the title.)#Source