Reiterating the teachings of Lord Buddha, PM Modi said Buddhism teaches respect for people, for the poor, for the women and respect for peace and non-violence.
"The eight-fold path of Lord Buddha shows the way towards the well-being of many societies and nations. It highlights the importance of compassion and kindness. The teachings of Lord Buddha celebrate simplicity both in thought and action," Modi said.
"Today the world fights extra-ordinary challenges. To these challenges, lasting solutions can come from the ideals of Lord Buddha.
They were relevant in the past. They are relevant in the present. And, they will remain relevant in the future," he said.
For the youth he gave a message to gain inspiration from Buddha and his teachings to find solutions to global problems.
"I would urge my young friends, to also stay connected with the thoughts of Lord Buddha. They will motivate and show the way ahead," Modi said.
He concluded his message with the hope that Lord Buddha's blessings inspire us to do good.
The Asadha Poornima as Dharma Chakra Day event in New Delhi has been organised by International Buddhist Confederation, under the aegis of Union Ministry of Culture.