Everybody's darling since last 40+ years: The Amul girl! Here is what Wikipedia says about her:

Amul girl refers to the advertising mascot used by Amul, an Indian dairy brand. The Amul girl is a hand-drawn cartoon of a young, chubby Indian girl dressed in a polka dotted frock  with blue hair and a half pony tied up. The Amul girl advertising have often been described as one of the best Indian Advertising concepts because of their humour.

I used to like her when I was too young to understand the humor/satire. I liked her simply for her cute face and those "Utterly, butterly delicious" ads. Gradually, I started appreciating the humor and timeliness of the ads. Very often, you can see a billboard commenting on an event within 3-4 days of the actual date of the incident.

Although the Amul girl is strictly a business mascot, who appears on billboards and Amul Butter packets,  her status in India is comparable to that of regularly appearing newspaper cartoons. (next only to perhaps to RK Laxman's Common Man mentioned by Ankul Bagati. And while most daily cartoons focus primarily on Politics, Amul girl addresses a wider  topics, including but not limited to: Politics, Sports, Movies and Business. 

Some samples (You will need to know Hindi to cmpletely understand the puns)

After India's World Cup Cricket victory (The tagline is a play on Hindi for "Makes Impossible Possible" replacing the word for Possible (Honi) by the name of Indian Captain(Dhoni))

When Sensex (Bombay Stock Exchange's Stock index) was behaving erratically

After launch of Tata Nano, the unbelieveably affordable small car (The tagline is a play on Hindi for "Believe it or not")

And here are some for Amul girl's takes on Bollywood movies:

See question on Quora