This is a seated statue of Shakyamuni Buddha, who forms the wheel-turning gesture, sitting on a double-layered lotus pedestal. The budda wears a robe with water ripple patterns, large hoop earrings, a three-leafed crown, and two ribbon-like bands hanging from his shoulders. He has a smile on his face, and the eyes look straight ahead with determination. The double-layered lotus pedestal is supported by five lions in front and two pillars behind, and below it is a square tower that accentuates the height of the Buddha. The pillars and the five lions below are the common Kashmir elements in Buddhist art, with symbolic meanings. The pillars represent the four holy places of Buddhism, namely the birthplace of the Buddha (Lumbini), the enlightenment place (Bodh Gaya), the first turning of the wheel of Dharma (Sarnath), and the nirvana place (Kushinagar). The five lions represent the five kinds of wisdom in Buddhism, namely the great mirror-like wisdom, the equality wisdom, the wonderful observation wisdom, the accomplishing wisdom, and the Dharmadhatu wisdom. These wisdoms can help practitioners eliminate ignorance and attain enlightenment. The exterior of the statue has traces of red cinnabar marks, which are the marks of the devotees who have offered worship for years. 
 
Reference:
https://himalayanbuddhistart.wordpress.com/category/all/kashmir/page/8/