The statue depicts one of the famous scenes from Hindu literature - The Churning of the Milk Ocean.
The Churning of the Milk Ocean tells of the story where Asuras and Devas (Celestial Beings) cooperated to churn the sea for thousands of years in order to extract the elixir of immortality, coveted by both groups.
The Devas are engaged in a tug of war with the Asuras. Each team is holding onto one end of the king of serpent - Vasuki (a.k.a. Naga). The center of the serpent is coiled around Mt. Mandara, which is a pivot and at the base of this pivot would be Vishnu, incarnated as a huge turtle.
|Mahavishnu dancing on top of the serpent Adisesha|