WEF 2018:\u00a0Prime Minister Narendra Modi on Tuesday addressed the World Economic Forum (WEF) in Davos during which he talked about "serious" challenges and "grave concerns" facing the world. After his speech, Union Minister Suresh Prabhu praised the Prime Minister and said that Narendra Modi highlighted before the world the global challenges and at the same time said they a solution in our ancient culture. He further said that PM has a vision of creating a new India by 2022. Prabhu said that the substance of PM speech was to create new World with new India. "He is saying that why not create a new World at the same time when we create a new India. That is the substance of his speech, 'New World with New India'," said Prabhu. While speaking at the WEF 2018, PM Modi highlighted the importance of unity in solving the various global problems, PM Modi stressed on the age-old mantra of 'Vasudhaiva Kutumbakam' at WEF. Delivering the keynote address at the plenary session of the WEF, Prime Minister Modi said the mantra was crucial to bridge the existing gap in humanity. "India has always believed in values of integration and unity or 'Vasudhaiva Kutumbakam' which means the entire world is one family. It is relevant to bridge distances. We have always believed in uniting humanity, not breaking it," he said. Watch Video- \u2018PM talked about global challenges but he also said that they can be resolved with ancient ideas that have been part of our philosophy\u2019, says @sureshpprabhu, Minister of Commerce and Industry, in conversation with @SupriyaShrinate #PMInDavos pic.twitter.com\/4t6AxBWxtX \u2014 TIMES NOW (@TimesNow) January 23, 2018 PM also flagged protectionism by the developed world, which he said is defying the principles of globalisation and global trade, as one of the three major challenges facing the world today, especially in the context of the evolving needs of a fast growing emerging world. Protectionism and other forces raising their heads against globalisation, Narendra Modi said during his maiden plenary address of the World Economic Forum, Davos, adding that new tariff- and non tariff barriers are being seen. Acknowledging the advantages of the technological revolution across the world, the Prime Minister noted that it has been equally capable of creating obstacles in cyber security and the nuclear space. Prime Minister Modi further called for retrospection on these obstacles, and said it is high time we stand in unison and examine whether in any way, we are encouraging the existence of these barriers.