Prime Minister Narendra Modi said on Thursday that for the century to be an Asian century, one has to walk in the path of Buddha.
He was addressing the Samvad Global Hindu Buddhist Initiative on Conflict Avoidance, Environmental Consciousness and Dialogue.
Prime Minister Modi and former Sri Lankan President Chandrika Kumaratunga were among the guests at the event.
"We in India are proud of the fact that it was from this land that Gautam Buddha gave the world the tenets of Buddhism. Life of Gautama Buddha illustrates the power of service, compassion and most importantly renunciation. Gautam Buddha was convinced that material wealth is not the sole goal," said the Prime Minister.
He also narrated a story about philosophers Mandana Mishra and Adi Shankara.
"It is my firm belief that the solution to all problems lies in dialogues. One of the greatest dialogue and debate was between Mandana Mishra and Adi shankara. Mishra's wife was chosen as the moderator. She said that the person whose garland withers first will be declared the loser," he said.
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"The reason was that anger in debate will generate body heat which will lead to losing the debate. Madana Mishra lost and became a disciple of Adi Shankara. The legendary debate on merits and demerits of Hindu philosophy is a lesson for all," he added.
The event was also attended by various Buddhist leaders and Sri Sri Ravi Shankar.