Quick update: Doc and Nurse at CCF reviewed the picture and symptoms. They just said, it can be a very mild hernia and asked me to wear a belt while coughing. But the other update is that the bulge has for all practical purposes vanished. I had a suspicion that was due to gas build up (i felt bloated as well) and took some gas relief tablets. I got rid of the gas and the bulge has slowly just gone away.
I guess i will just keep a close eye for now and begin core exercises soon to avoid any hernias in the future.