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<ul><li>The country’s largest airline <keyword id="6354706" type="COMPANY" weightage="20" keywordseo="IndiGo">IndiGo</keyword>’s shares crashed 10.7% to ₹ 1,397 on Wednesday’s closing. </li><li>Gangwal, one of the co-founders of IndiGo, wrote to the markets regulator SEBI seeking intervention on curbing possible governance violations by Bhatia. </li><li>As per Gangwal’s allegations, Bhatia’s InterGlobe Enterprises (IGE) unduly has received benefits from faulty transactions which had <a href="https://www.moneycontrol.com/news/business/companies/the-indigo-rift-with-this-20b-deal-did-rahul-bhatia-leave-rakesh-gangwal-with-a-hurt-ego-4188841.html">violated company norms</a>. </li></ul>The country’s largest airline IndiGo’s shares crashed 10.7% to ₹ 1,397 on Wednesday’s closing, thanks to the very public fight between its two promoters--Rahul Bhatia and <keyword id="843530" type="PERSON" weightage="20" keywordseo="Rakesh-Gangwal">Rakesh Gangwal</keyword>. It also touched lower circuit and the volumes also swelled probably due to large number of people selling the stock. Gangwal, one of the co-founders of IndiGo, wrote to the markets regulator SEBI seeking intervention on curbing possible governance violations by Bhatia, a stock exchange notification said. As per Gangwal’s allegations, Bhatia’s InterGlobe Enterprises (IGE) unduly has received benefits from faulty transactions which had <a href="https://www.moneycontrol.com/news/business/companies/the-indigo-rift-with-this-20b-deal-did-rahul-bhatia-leave-rakesh-gangwal-with-a-hurt-ego-4188841.html">violated company norms</a>. IGE is the parent company of IndiGo which also has hospitality, flight training and other aviation related businesses. The friends-turned-partners-turned-foes had joined hands in 2005 to form IndiGo airlines. Now, they own almost equal stake in the company, making it a long and tough fight. Bhatia and his family own 38% of the IndiGo shares while Gangwal had 37% shareholding. Bhatia however has controlling rights of the company and also a greater say in decision making, which includes appointing senior company management. The deal that drifted them apart A drift developed between the promoters after the company struck a $20 billion deal with US based CFM international for LEAP-1A engines in June. The engines are to be used in Indigo’s future fleet of 280 Airbus 320 and 321 aeroplanes. The deal was finalised after many flight disruptions were reported in the Pratt and Whitney engines, which it had been using since inception. “This was a huge change. Pratt and Whitney was supplying the engines since start of Indigo. Of course, P&amp;W engines had major problems with the Neos,” said a senior executive from the aviation industry. Hurt Egos In June, Gangawal sought a requisition for an extraordinary general meeting (EGM) to highlight governance issues. However, Bhatia alleged that his partners wants him to dilute his rights. “The genesis of Mr. Gangwal’s angst lies elsewhere - the refusal of the IGE Group to succumb to his demands to dilute the IGE Group’s controlling rights,” Bhatia said. He added that, “Gangwal’s ego was hurt on realizing that upon his refusal to lend in the company’s ongoing negotiations with Original Equipment manufacturers (OEMs), the company had proceeded to make alternate arrangements for the purpose.”

IndiGo’s shares crash to a new low after a promoter alleges the other of governance violations

Happy Weekend! IoT Weekender is a collection of our favorite internet of things news of the week from <a href="http://bii_www.businessinsider.com/welcome/newsletters/?&amp;utm_source=House&amp;utm_term=CtgrPr_iOTI-weekender-2015-7-18&amp;utm_campaign=CtgrPr_nlsa">BI Intelligence</a>, Business Insider's paid research service.<div class="KonaFilter image-container float_right"><div class="image"><a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2u6by.1ud/Vagg1sPogXiv1ckxA183c" target="_blank"></a></div></div>M2M CONNECTIONS IN CHINA TO REACH 336 MILLION BY 2020: Last year, China led the globe with 74 million machine-to-machine (M2M) connections, which are connections that use cellular connectivity to bring machines - including vehicles - online, according to a new <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2u6by.1ud/VaQjvsPo45zwP-bzAf3b2" target="_blank">report</a> from GSMA, a global association for mobile network operators. The number of M2M connections in China is expected to grow at a CAGR of 29%, to reach 336 million by 2020; no other country in the world has more than 50 million M2M connections today, according to the report. Additionally, China's Ministry of Industry and Information Technology estimates the value of the country's IoT market, including hardware and associated services, to reach $80.5 billion this year. Several factors are driving IoT adoption in China, and the Chinese government is pushing that adoption with a number of initiatives:<ul><li>The Chinese government established a national IoT center in Shanghai and funded a program for promoting research and development in IoT technologies in 2010, when it first set its sights on the IoT. In 2012, the Ministry of Industry and Information Technology stated its goal of developing the country's IoT market to reach $163 billion by 2020.</li></ul><ul><li>Unlike the US <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2u6by.1ud/VaQjvsPo45zwP-b0A14cd" target="_blank">government</a>, China's government has a strategy in place to boost economic growth - called "internet +" - which will help to develop the IoT in cooperation with cloud and big data technologies. An inter-agency body that brings together the Chinese government's various agencies and initiatives for economic and technological development is overseeing this strategy. </li></ul><ul><li>The government developed an IoT Action Plan in 2013 for setting interoperability standards that enable different IoT systems to communicate with each other, as well as developing laws and regulations around IoT technologies. </li></ul><ul><li>Last year, the central government picked more than 200 cities across the country to pilot various smart city projects. Several of the country's largest cities have deployed sensor networks that gather data on transportation, pollution, and public safety. Several of the country's biggest technology companies are getting in on the action: Alibaba plans to close agreements on smart city projects with 50 Chinese cities by the end of this year. </li></ul>This story was originally sent to thousands of professionals in the internet of things industry in this morning's IoT newsletter. You can join them <a href="http://bii_www.businessinsider.com/welcome/newsletters/?&amp;utm_source=House&amp;utm_term=CtgrPr_IOTI-weekender-2015-7-18&amp;utm_campaign=CtgrPr_nlsa">-- sign up for a RISK-FREE trial now »</a><div class="KonaFilter image-container display-table float_right"><div><div class="image"><a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2u6by.1ud/Vagg1sPogXiv1ckyAc871" target="_blank"></a></div></div></div>AUTONOMOUS CARS WOULD COST LOCAL GOVERNMENTS BIG BUCKS: <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2u6by.1ud/VWcr6MPojwN2LgCPA4795" target="_blank">Fully autonomous cars</a>' ability to prevent traffic violations, like speeding and running red lights, could be very bad for local municipalities that rely heavily on traffic violation fees for revenue, according to a <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2u6by.1ud/Vaa94sPo8LUmS0NgA56ff" target="_blank">report</a> from the Brookings Institution. The report said that the City of Los Angeles collected $161 million for parking violations alone last year, which could be lost if cars no longer speed/break the law.As a result of this loss of revenue, municipalities will look for other sources of revenue, including increasing tolls or introducing a tax for the express purpose of funding road maintenance. However, the Brookings report noted that such measures would likely be unpopular with voters since Americans are used to driving on roads for next to nothing. Charging for that privilege would require a big shift in public attitudes about cars and transportation.BI Intelligence <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2u6by.1ud/VWcr6MPojwN2LgCPA4795" target="_blank">predicts</a> that the first user-operated self-driving cars - a car that still has a wheel and driver but can drive itself- will come to market in 2019. Currently, regulations on fully autonomous cars are one of the largest barriers delaying adoption, as lawmakers try to find solutions to these types of problems resulting from fully autonomous cars.<div class="KonaFilter image-container display-table float_right"><div><div class="image"><a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2u6by.1ud/Vagg1sPogXiv1ckzAdef7" target="_blank"></a></div></div></div>CONSUMER INTEREST IN AN APPLE CAR: The Apple car might not receive a warm reception, even among iPhone owners, according to a Nielsen and SBD survey of 14,000 recent car buyers. Respondents who owned an iPhone were asked how likely they'd be to buy an Apple car, and the most popular response (47%) was "not likely at all." (Apple has not said that it is building a car, but rumors have been growing for months that it is.) Here's a full breakdown of the responses:INTEL'S IoT STRATEGY IS STARTING TO PAY OFF: Intel's Q2 earnings <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2u6by.1ud/VadyksPo5xfdGlupA7dc7" target="_blank">beat</a> Wall Street expectations with help from its burgeoning IoT group. The company reported $13.2 billion in revenues, topping expectations of $13.04 billion. The small but growing IoT group reported $559 million in revenues, up four percent from $539 million in the same quarter last year.Intel is going through a massive business shift as offerings in new areas like data centers and the IoT start to make up lost revenue from declines in the PC market (Intel's traditional stronghold).Intel has invested heavily in building up its IoT group, which it created in late 2013. The company lost out on the chip market for mobile, and is determined to get in on the next big device market - the IoT. Earlier this year Intel <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2u6by.1ud/VagWpcPo_FhNl4B4A3e73" target="_blank">acquired</a> Lantiq, a German chipmaker with patents for broadband chips that can connect devices to broadband DSL networks. Combined with Intel's offerings for Wi-Fi and 3G/4G connectivity, the Lantiq acquisition will allow Intel to provide chips with both wired and wireless connectivity. Such chips would be perfect for routers and other gateway devices that connect IoT devices to broadband networks and to each other.Intel can also provide auxiliary services like cloud-based analytics and security services (thanks to its ownership of McAfee) through its IoT platform, giving it more advantages in the IoT chip market. Qualcomm, which has its own IoT platform and a portfolio of chips for low-power IoT devices, is Intel's biggest competitor in that market.<div class="KonaFilter image-container display-table float_right"><div><div class="image"><a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2u6by.1ud/Vagg1sPogXiv1ck0A4401" target="_blank"></a></div></div></div>HOMEKIT DEVICES DELAYED BECAUSE OF SECURITY REQUIREMENTS: Apple is telling smart home companies that they need to put specific security chips and firmware in their devices to be considered HomeKit compatible, according to <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2u6by.1ud/VaVywMPoxnTqPoYSA313b" target="_blank">The Register</a>. Thus far, only a handful of smart home providers have <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2u6by.1ud/VXCz9sPoTKQJJQ10Ae124" target="_blank">announced</a> compatibility with Apple's HomeKit but many others have said that they will make their products HomeKit-compatible in the near future. Apple's requirement of specific chips and firmware may delay smart home device releases because companies will have to re-engineer their products to include these Apple-approved components. But it's probably worth it, since security has been a big concern with smart home devices. A security test <a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2u6by.1ud/VTArYcPoLQa8rhNXAd623" target="_blank">conducted</a> with six smart home devices a couple of months ago found that only one of the six included basic protections like strong passwords and encryption to prevent man-in-the-middle attacks. The chips and firmware that Apple is requiring will provide those basic protections so the devices can communicate securely with apps running on iOS devices.<div class="KonaFilter image-container display-table float_right"><div><div class="image"><a href="http://e.businessinsider.com/52654c6e462018e2ea6db9fb2u6by.1ud/Vagg1sPogXiv1ck1A6a36" target="_blank"></a></div></div></div>APPLE WATCH SHIPMENTS TOP 3 MILLION, EARLY ADOPTERS NOT JUST INDUSTRY FOLK: In the three months since the launch of the Apple Watch in April, it's estimated that Apple has sold just over 3 million of its inaugural smartwatch, according to data from Slice Intelligence <a href="http://e.businessinsider.com/551950c7927219a3158b55532tvgs.1kz/VaOtcMPo-RDgVEm2Aac67" target="_blank">obtained</a> by MacRumors. The actual sales figures are higher still as Slice Intelligence's estimates do not include Apple Watch sales in most international markets or walk-in purchases made in Apple Store locations. Averaging 1 million sales a month is an enormous figure in the smartwatch market; competing Android Wear smartwatches are estimated to have sold just 720,000 in all of 2014. Here's how the Apple Watch sales break down:<ul><li>The Apple Watch Sport is the runaway leader, accounting for 1.95 million, or almost two-thirds of all Apple Watch sales thus far. As the most affordable of the Apple Watch trio at an average price of $381, it will maintain this lead moving forward.</li><li>The mid-range Apple Watch sold around 1.1 million units, at an average price of $69.</li><li>The luxury Apple Watch Edition sold fewer than 2,000 units, and so far has an average price of $13,700. </li></ul>Notably, most Apple Watch buyers are enthusiastic users and not industry-immersed specialists. Data collected by <a href="http://e.businessinsider.com/551950c7927219a3158b55532tvgs.1kz/VaWPBsPoATOJa4zQAdda2" target="_blank">Wristly</a> and <a href="http://e.businessinsider.com/551950c7927219a3158b55532tvgs.1kz/VaWPBsPoATOJa4zRA4588" target="_blank">reported</a> on by Forbes show that while "tech insiders" and "app makers" do account for significant portions of Apple Watch sales, the vast majority of those 3 million Apple Watches are currently on the wrists of standard consumers who have no other major industry incentive to purchase the watch like developers and investors do. BI Intelligence Research Analyst Jessica Smith Contributed to this briefing. Find this article interesting? You can get it delivered to your inbox every morning. Get the jump on your competitors. <a href="http://bii_www.businessinsider.com/welcome/newsletters/?&amp;utm_source=House&amp;utm_term=CtgrPr_IOTI-weekender-2015-7-18&amp;utm_campaign=CtgrPr_nlsa">Try it RISK FREE now »</a><div></div>

Here's what happened in internet of things this week

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Microsoft CEO Satya Nadella has sent out a company-wide email on Thursday, laying out the future vision and direction of the company moving forward, <a href="http://www.geekwire.com/2015/exclusive-satya-nadella-reveals-microsofts-new-mission-statement-sees-more-tough-choices-ahead/">according to Geekwire</a> who obtained a copy of the email.It contains a new official mission statement for the company: "Our mission is to empower every person and every organization on the planet to achieve more." That's pretty vague. Microsoft's mission statement early on and through its hyper-growth years was very clear: "A computer on every desk and in every home." Part of the memo seems to hint at more layoffs, or perhaps restructuring, to come:"We will need to innovate in new areas, execute against our plans, make some tough choices in areas where things are not working and solve hard problems in ways that drive customer value," Nadella writes.Nadella also reiterated common themes he's been sounding since he became CEO in early 2014, like the fact that Microsoft is about "mobile-first, cloud-first" and that Microsoft wants people not just to choose Windows because they have to, but because they love it.Here's the full copy of the email:Team,I believe that we can do magical things when we come together with a shared mission, clear strategy, and a culture that brings out the best in us individually and collectively. Last week I shared how we are aligning our structure to our strategy. Today, I want to share more on the overall context and connective tissue between our mission, worldview, strategy and culture. It is critical that we start the new fiscal year with this shared vision on what we can do and who we want to become.Mission. Every great company has an enduring mission. Our mission is to empower every person and every organization on the planet to achieve more. I'm proud to share that this is our new official mission statement. This mission is ambitious and at the core of what our customers deeply care about. We have unique capability in harmonizing the needs of both individuals and organizations. This is in our DNA. We also deeply care about taking things global and making a difference in lives and organizations in all corners of the planet.Worldview. We must always ground our mission in both the world in which we live and the future we strive to create. Today, we live in a mobile-first, cloud-first world, and the transformation we are driving across our businesses is designed to enable Microsoft and our customers to thrive in this world. It's important to note that our worldview for mobile-first is not just about the mobility of devices; it's centered on the mobility of experiences that, in turn, are orchestrated by the cloud. That is why we think of these two trends together. What we do with our products and business models has to account for this fundamental transformation.Strategy and ambitions. Our strategy is to build best-in-class platforms and productivity services for a mobile-first, cloud-first world. Our platforms will harmonize the interests of end users, developers and IT better than any competing ecosystem or platform. We will realize our mission and strategy by investing in three interconnected and bold ambitions.1. Reinvent productivity and business processes 2. Build the intelligent cloud platform 3. Create more personal computingThese ambitions utilize a unique set of assets that span productivity services, cloud platform, our device platform and our family of devices. There is an explicit path dependence on how we achieve the "inter-connectedness" between the various elements of our strategy to gain momentum.· First, we will reinvent productivity services for digital work that span all devices. We will also extend our experience footprint by building more business process experiences, integrated into content authoring and consumption, communication and collaboration tools. We will drive scale and usage by appealing to "dual-use" customers, providing productivity services that enable them to accomplish more at work and in the rest of their life activities with other people.· Second, all these experiences will be powered by our cloud platform - a cloud that provides our customers faster time to value, improved agility and cost reduction, and solutions that differentiate their business. We'll further provide a powerful extensibility model that is attractive to third-party developers and enterprises. This in turn enables us to attract applications to our cloud platform and attach our differentiated capabilities such as identity management, rich data management, machine learning and advanced analytics.· Finally, we will build the best instantiation of this vision through our Windows device platform and our devices, which will serve to delight our customers, increase distribution of our services, drive gross margin, enable fundamentally new product categories, and generate opportunity for the Windows ecosystem more broadly. We will pursue our gaming ambition as part of this broader vision for Windows and increase its appeal to consumers. We will bring together Xbox Live and our first-party gaming efforts across PC, console, mobile and new categories like HoloLens into one integrated play.Strength across all the ambitions enables us to deliver high value to our customers while providing us with the ability to differentiate ourselves from our competitors.Culture. Perhaps the most important driver of success is culture. Over the past year, we've challenged ourselves to think about our core mission, our soul - what would be lost if we disappeared. That work resulted in the mission, strategy and ambitions articulated above. However, we also asked ourselves, what culture do we want to foster that will enable us to achieve these goals?We fundamentally believe that we need a culture founded in a growth mindset. It starts with a belief that everyone can grow and develop; that potential is nurtured, not predetermined; and that anyone can change their mindset. Leadership is about bringing out the best in people, where everyone is bringing their A game and finding deep meaning in their work. We need to be always learning and insatiably curious. We need to be willing to lean in to uncertainty, take risks and move quickly when we make mistakes, recognizing failure happens along the way to mastery. And we need to be open to the ideas of others, where the success of others does not diminish our own.We have the opportunity to exercise our growth mindset every day in three distinct areas:· Customer-obsessed. We will learn about our customers and their businesses with a beginner's mind and then bring solutions that meet their needs. We will be insatiable in our desire to learn from the outside and bring that knowledge into Microsoft, while still innovating to surprise and delight our users.· Diverse and inclusive. The world is diverse. We will better serve everyone on the planet by representing everyone on the planet. We will be open to learning our own biases and changing our behaviors so we can tap into the collective power of everyone at Microsoft. We don't just value differences, we seek them out, we invite them in. And as a result, our ideas are better, our products are better and our customers are better served.· One Microsoft. We are a family of individuals united by a single, shared mission. It's our ability to work together that makes our dreams believable and, ultimately, achievable. We will build on the ideas of others and collaborate across boundaries to bring the best of Microsoft to our customers as one. We are proud to be part of team Microsoft.If we do all of this, we will achieve our mission to empower every person and organization on the planet. Beyond that, we will make a difference and find deep meaning in our work. We stand in awe of what humans dare to achieve, and we are motivated every day to empower others to achieve more through our technology and innovation.When we come together as a team, with our exceptional talent and the mindset of a learner, we will grow as individuals, we will grow as a team, we will grow with our customers and partners, we will grow our opportunity, and we will grow our business going forward. And, ultimately, we will grow the impact we have in the world.We've already started this evolution with things like OneWeek and Hackathon, customer feedback loops, our focus on usage in the engineering teams, our performance review model, as well as our diversity and inclusion efforts including the new unconscious bias training. We will do more and more to support the culture we have and recognize impact when we see it.A good example of our culture in action right now is the work around Windows. We have approached Windows 10 with a growth mindset and obsession for our customers. We have the opportunity to connect with 1.5 billion Windows customers in 190 countries around the globe. We aspire to move people from needing Windows to choosing Windows to loving Windows. … Certainly we want to upgrade as many of our current Windows 7 and 8.1 customers to Windows 10 as possible through our free upgrade offer. More than that, though, we see this as an opportunity to support and celebrate how people and communities upgrade their world every day. To that end, starting on July 29 when Windows 10 becomes available, employees are invited to volunteer some time and upgrade their communities as part of the broader movement. More details will be available in the coming weeks - our hope is that not only our employees, but customers and partners as well, will get involved and be inspired. Together, we can make a big difference in our world.I believe that culture is not static. It evolves every day based on the behaviors of everyone in the organization. We are in an incredible position to seize new growth this year. We will need to innovate in new areas, execute against our plans, make some tough choices in areas where things are not working and solve hard problems in ways that drive customer value. I really do believe that we can achieve magical things when we come together as one team and focus. I'm looking forward to what we can achieve together in FY16.Satya <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/scientifically-ways-women-attractive-2015-5">6 scientifically proven features men find attractive in women</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tiMGo5cTpwCabxNRPKR9Te43E3zYrTMd" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Microsoft's CEO just laid out the company's new mission in an email to all employees

Describing terrorism as the "biggest threat" to the world, Prime Minister <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> today said it needs to be delinked from religion as he pressed for a united global fight to ensure that no country provides sanctuary to terror, an apparent reference to Pakistan. 
 
He underlined the need for ensuring that Internet does not become a "recruiting ground" for terrorism, amid the growing trend of ISIS luring youth from across the globe, and spoke about the world coming together to use "military force" and "international legal systems" to fight the menace. 
 
Addressing the Indian diaspora on the second day of his three-day visit to Malaysia, Modi said India draws strength from its diversity and that his government is working to create an environment where enterprise flourishes and everybody gets basic needs like roof, sanitation, water, health care and education. 
 
In his 45-minute speech at the Malaysia International Exhibition and Convention Centre here, he said development in India is "gathering speed now" amid the global slowdown and the country is growing at 7.5 per cent with faster growth expected in the coming years. 
Talking about terrorism, he said it is the "biggest threat to the world today. It knows no boundaries. It uses the name of religion to draw people to its cause but kills people of all faiths." 
 
He went on to add: "We have to delink religion from terror. The only distinction is between those who believe in humanity and who does not.... We also have to work within the society, specially the youth." 
 
Pitching for a united global fight against terrorism, the Prime Minister said it should be ensured that "no country promotes terrorism, there is no sanctuary, there is funds and there is no arms." 
Pushing for enhanced intelligence cooperation among countries, he said it has to be ensured that "Internet does not become a recruiting ground" for terrorism. 
 
"I have said it earlier, I will say it again. The world must come together to combat the biggest challenge of our times....We can strengthen intelligence cooperation, we can use military force, we can make international legal systems for making cooperation stronger," he said. 
 
Modi also made some announcements like grant of USD one million to the India-students Trust Fund for financial assistance to Malay-Indian students and naming of India's cultural centre here after Subhas Chandra Bose. 
 
He said a bust of Mahatma Gandhi will also be installed at the Gandhi Memorial Hall in Kuala Lumpur. He added that India will work with Malaysian government for setting up of war memorial for the Indian soldiers at the site of Battle of Kampar in Perak in Malaysia. 
 
 
The Prime Minister also favoured immediate recognition of of the degrees conferred by India and Malaysia and said he will discuss this issue with his counterpart Najib during the meeting tomorrow. 
 
While mentioning about merger of OCI and PIO cards, he said minor children, who are foreign nationals, and foreign spouses can also get OCI status now. Besides, Indian-origin upto fourth generation is enough for OCI now. 
"In Malaysia, we have opened nine visa collection centres. There is an eMigrate portal to make it easier and safer for workers to go to certain countries. It also alerts officials about foreign employers with cases pending against them," he said. 
 
Telling the diaspora about his government's work, Modi said, "The wheels of change have begun to move. And, they are gathering speed now. And, it is showing in numbers." 
 
He said India is today the fastest growing major economy in the world. "I know you feel proud about it. We are running at 7.5 per cent per year, but will grow even faster in the coming years," he said. 
 
The Prime Minister said every major global institution has "placed its bets on India growing strongly. This is at a time when the rest of the world, including parts of this region, is experiencing a slowdown." 
 
Reposing faith in the talent and enterprise of Indians, Modi said, "There is change in the cities. There is momentum in the villages. And, there is confidence in our citizens, especially our youth." 
 
He said there is also a change in the way government is working. "We are making government transparent and accountable. We are eliminating corruption at all levels. We are making governance driven by policies and systems, not by discretion of individuals," the Prime Minister said. 
 
 
"We are changing the way government and citizens interact with each other. And, Central and State Governments work with each other. States compete with each other now. That is healthy," he said. 
 
Asserting that India is not just united but draws strength from its diversity, Modi said, "It is a nation, where every citizen belongs; where everyone has equal rights that the constitution guarantees, the courts protect and the government defends." 
 
About India's external relations, he said these advance peace in the world. "The Indian Armed Forces contribute to region's security and stability. They assist all in humanitarian disasters, without asking their nationality." 
 
He also noted that Indian forces participate in peacekeeping missions around the world. 
 
"We have generations of our leaders to thank for bringing us this far. But, we know that we have a long way to go. The challenges we face and the goals we must pursue, are evident in villages and cities. And, my government has come into office to change that," he said. 
 
"We are eradicating poverty, by giving our people the fruits of modern economy, such as universal access to banks and insurance; not just tie them down in endless programmes," Modi said and added, "Where in the world will 190 million bank accounts be opened in a few months?" 
 
Noting that the world is inter-dependent, he said, "our national progress will depend on the strength and success of our international partnerships... What happens in a far off country can affect the livelihood of workers in another place." 
 
Modi said the decision that may be taken in a conference room in the UN or WTO can affect the life of a farmer in a village in India and the lifestyle in one part of the world affects climate and agriculture in in another part of the world. 
 
"We need each other's markets and resources...We don't have to look far to find friends and partners. Southeast Asia is our neighbour on land and sea. This is one of the most dynamic and peaceful regions of the world. This is a region of culture, talent, enterprise and hard work," he said. 
 
Image credit: Indiatimes

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IndiGo’s shares crash to a new low after a promoter alleges the other of governance violations

BI India Bureau

Here's what happened in internet of things this week

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Microsoft's CEO just laid out the company's new mission in an email to all employees

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India is growing at 7.5 per cent, will grow faster in the coming years: PM Narendra Modi

BI India Bureau

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