The world is facing many new and serious challenges from the rise of anti-globalization to technological changes and the environment, Indian Prime Minister Narendra Modi said Tuesday.

Giving the opening plenary speech at the World Economic Forum (WEF) in Davos, Switzerland on Tuesday, Modi laid out his vision for India and the world in a speech that touched upon technology, climate change, terrorism and trade agreements.

Modi said that there was a "worrying trend" against globalization and towards isolationism, trends that U.S. President Donald Trump has been accused of promoting in his first year of office.

"Forces of protectionism are raising their heads against globalization, their intention is not only to avoid globalization themselves but they also want to reverse its natural flow," he said.

"The result of all this is that we get to witness new types of tariff and non-tariff barriers. Bilateral and multilateral trade agreements and negotiations have come to a kind of standstill. Most nations have seen a decrease in cross-border financial investment further, growth in the global supply chain has also stopped.

"The solution to this worrying situation against globalization is not isolation. Its solution is in understanding and accepting change and in formulating agile and flexible policies in line with the changing times."