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With how easy they can make our day-to-day lives, it is easy to get swept up by the impressive achievements of apps like <keyword id="19918826" type="General" weightage="20" keywordseo="ChatGPT" source="keywords">ChatGPT</keyword>, Midjourney, and <keyword id="20055508" type="General" weightage="20" keywordseo="DALL-E" source="keywords">DALL-E</keyword>. These <keyword id="21195046" type="General" weightage="20" keywordseo="AI-applications" source="keywords">AI applications</keyword>, powered by <keyword id="19897804" type="General" weightage="20" keywordseo="large-language-models" source="keywords">large language models</keyword> (LLMs), can generate text, create images, and hold conversations that mimic human interactions. But according to a recent study by Apple Computer Company researchers, the intelligence displayed by these AI systems is far from genuine.<br /><h2>The illusion of intelligence</h2>The Apple research team, led by a trio of AI experts, conducted a series of tests on various popular LLMs. They found that while these models appear intelligent on the surface, their responses are often unreliable when asked to perform tasks requiring true <keyword id="21233087" type="General" weightage="20" keywordseo="logical-reasoning" source="keywords">logical reasoning</keyword>. This discrepancy, they argue, reveals that LLMs don’t actually “understand” the questions they’re answering. Instead, they simply recognise familiar patterns and respond based on statistical probabilities, rather than meaningful comprehension.<br /><br />To illustrate this point, the researchers used a simple analogy: imagine a child asking their parent how many apples are in a bag. The child also mentions that some of the apples are too small to eat. Both the child and the parent understand that the size of the apples has no bearing on their quantity. However, when <keyword id="19924380" type="General" weightage="20" keywordseo="AI-models" source="keywords">AI models</keyword> are presented with similarly structured questions — questions with information that can be considered unnecessary (like the size of the apples) — they frequently become confused, offering nonsensical or incorrect answers.<br /><div type="Article" hostid="261" msid="114046455" title="Love ChatGPT and Alexa? This year’s Physics Nobel Prize has been awarded to two scientists who made these AI technologies possible" mstype="2" mssubtype="0"></div>In their study, the researchers asked the AI models hundreds of questions, including some with non-pertinent details. They found that even minor changes in phrasing or context were enough to throw off the models. These AIs, despite their advanced programming, struggled to filter out irrelevant information, suggesting that they lack the capacity for genuine logical reasoning.<br /><h2>How do modern AI apps work?</h2>Understanding why AI models like ChatGPT struggle with logic and nuance requires a closer look at how these systems function. At their core, LLMs are based on complex machine learning algorithms that analyse vast amounts of text data to learn language patterns. Once trained, these models use probabilities to generate responses based on what they’ve seen in their training data. However, they don’t “understand” language the way humans do.<br /><br />When an LLM receives a prompt, it breaks down the text into tokens and predicts the next word in a sequence based on statistical likelihood. This approach allows the AI to generate coherent, contextually relevant responses but doesn’t equip it to handle questions that require deeper, contextual reasoning. In essence, AI models are mimicking language without truly grasping the meaning behind it.<br /><br />To elaborate on the earlier example, if asked, “How many apples are in a bag if three are too small to eat?” a human would immediately recognise that the size of the apples has no impact on the total count. An AI, on the other hand, may get tripped up by the additional detail and offer a convoluted response because it cannot separate what’s important from what’s not.<br /><br />Apple’s researchers suggest that this limitation is a fundamental flaw in how AI models are designed. While the technology has advanced rapidly, the underlying mechanics remain rooted in <keyword id="20034261" type="General" weightage="20" keywordseo="pattern-recognition" source="keywords">pattern recognition</keyword> rather than true comprehension. As a result, today’s AI applications are better suited for tasks that involve straightforward pattern matching, like language translation or text prediction, but struggle when asked to exhibit <keyword id="23580940" type="General" weightage="20" keywordseo="human-like-intelligence" source="keywords">human-like intelligence</keyword>.<br /><h2>Overestimating AI capabilities can have risks</h2>Because these modern AI models can produce remarkably human-like text, many have a tendency to attribute greater intelligence and understanding to them than they actually possess. This misconception can lead to unintended consequences, such as relying on AI for critical decision-making in areas where accuracy and logical reasoning are paramount — such as in business decisions as more and more companies adopt AI.<br /><div type="Article" hostid="261" msid="114284609" title="Even high school interns are able to use common AI tools to bypass security and launch bots on X, Facebook and other social media: report" mstype="2" mssubtype="0"></div>The researchers also caution that the “illusion” of intelligence can make it difficult for users to recognise when an AI is providing incorrect information. In their tests, Apple’s team noted that LLMs frequently gave answers that sounded correct on the surface but fell apart upon closer inspection. These findings highlight the importance of scrutinising AI-generated content and using these tools as supplements to human expertise rather than replacements for it.<br /><br />As AI continues to evolve, researchers will need to explore new approaches that go beyond pattern recognition. Achieving genuine AI intelligence will likely require breakthroughs in fields like cognitive computing and neuromorphic engineering — fields that aim to create systems capable of human-like understanding and reasoning.<br /><br />For now, the takeaway from Apple’s research is clear: despite their impressive capabilities, today’s AI apps are tools, not thinkers. As Apple researchers pointed out, these models are designed to simulate understanding but lack the cognitive depth to handle complex reasoning. Recognising these limitations is crucial as we integrate AI into more aspects of our lives.<br /><br />The findings of this research have been published in a preprint server and can be accessed <a href="https://dx.doi.org/10.48550/arxiv.2410.05229">here</a>.<br />

Apple engineers assert the AI apps of today are essentially still just fakes that lack 'true' intelligence

<ul class="summary-list"><li>Project CETI is harnessing AI to understand the complex communication system of <a target="_blank" class="" href="https://www.businessinsider.com/killer-whales-may-sunk-boats-in-story-inspired-moby-dick-2023-11">sperm whales</a>.</li><li>In a new study, the project's scientists used AI to decode thousands of sperm whale clicks.</li></ul><p>Whales are highly intelligent, social creatures, so it makes sense that their songs and clicks are probably more than just random sounds. But just how complex is <a target="_blank" class="" href="https://www.businessinsider.com/how-humans-could-communicate-with-extraterrestrial-aliens-practicing-on-whales-2023-12">whale speak</a>?</p><p>Researchers from Project Cetacean Echolocation Translation Initiative (CETI) are closer than ever to finding out by deciphering that language.</p><p>Using <a target="_blank" class="" href="https://www.businessinsider.com/how-opt-out-grok-ai-using-tweets-elon-musk-x-2024-7">AI</a> to decode clicks from sperm whales, the scientists discovered a sophisticated alphabet hidden in the animals' sounds.</p><p>That alphabet is the fundamental communications system of the sperm whale, David Gruber, founder and president of Project CETI, told Business Insider.</p><p>"It shows that there's a lot of information that can be carried, and they're living very complicated, interactive social lives," he said.</p><p>But this is just the beginning. Building this <a target="_blank" class="" href="https://www.businessinsider.com/english-spelling-pronunciation-poem-the-chaos-2017-12">phonetic alphabet</a> into their AI models should allow Project CETI to dive even deeper into the intricacies of whale speak, helping humans better understand and protect these gentle giants.</p><h2 id="ed47b0af-48e6-4868-86fd-365dce3e0f4d">Cracking the codas</h2><div type="image" title="A group of sperm whales swimming in the ocean" height="1280" width="1920" msid="112064325" hostid="261" sizebytes="128624"></div><p>Sperm whales are the loudest animals in the ocean, filling the seas with codas — short bursts of rapid clicks that resemble Morse Code. And similar to <a target="_blank" class="" href="https://www.businessinsider.com/historic-homes-to-visit-mansion-tour-locust-grove-photos-2023-5">Morse Code</a>, their clicks are what they mainly use to communicate and socialize with other sperm whales.</p><p>The researchers used AI to analyze and look for patterns in roughly 9,000 codas collected by the Dominica Sperm Whale Project — an organization dedicated to studying sperm whales in the <a target="_blank" class="" href="https://www.businessinsider.com/royal-caribbean-utopia-of-the-seas-vs-icon-new-ship-2024-7">Eastern Caribbean.</a></p><p>Their goal was to answer one simple question: Could they predict the next click?</p><p>So, they trained a <a target="_blank" class="" href="https://www.businessinsider.com/hudson-river-trading-taps-google-cloud-quant-research-ai-chips-2024-7">machine learning algorithm</a> on 80% of the codas, and then ran it to see if it could predict the remaining 20%, Gruber said. </p><p>Their results, which they documented in a <a target="_blank" href="https://affiliate.insider.com?h=28b4c048db0a4a5dc05d0935e58ca578addb9f63fd8d95ba71af59e15b618159&amp;postID=66a3f609d290cb433ad61a9f&amp;postSlug=scientists-ai-decode-sperm-whale-sounds-discover-alphabet-complex-language-2024-7&amp;site=bi&amp;u=https%3A%2F%2Fwww.nature.com%2Farticles%2Fs41467-024-47221-8">paper</a> published in the peer-reviewed journal Nature Communications, were astounding.</p><div type="image" title="Close up of a sperm whale swimming with two other sperm whales behind it" height="1147" width="1920" msid="112064333" hostid="261" sizebytes="184128"></div><p>The algorithm predicted the remaining codas with about 99% accuracy, he added. It was a good sign that the codas followed <a target="_blank" class="" href="https://www.businessinsider.com/facebook-study-on-language-and-personality-2013-10">linguistic patterns</a>.</p><p>As they dug deeper into the database, the researchers discovered that the codas actually contain an entire phonetic alphabet, made up of different elements that the researchers call "rhythm," "tempo," "rubato," and "ornamentation."</p><p>These elements combine in various ways to form a vast array of distinct codas, suggesting that sperm whale language is more expressive and structured than scientists previously believed, the researchers reported in their paper.</p><p>Gruber and his colleagues are a long way from understanding what the whales are actually saying. But the team continues to dive deeper for clues, hoping to answer questions like: How much information can a single coda carry? And can we begin to translate their messages to better understand, and potentially protect, them? </p><p>To begin answering these questions, Project CETI is fishing for more data.</p><h2 id="e374639a-93e5-4f63-b813-4e6858703ae0">Thinking like baby whales</h2><div type="image" title="A group of four people on a small boat on the open ocean. One person is holding a drone at the front of the boat." height="1518" width="1920" msid="112064329" hostid="261" sizebytes="336042"></div><p>In partnership with the Dominica Sperm Whale Project, Project CETI observes and documents sperm <a target="_blank" class="" href="https://www.businessinsider.com/new-whale-species-antarctica-2015-4">whale communication</a> using a variety of different technologies.</p><p>To record codas, they tag whales with acoustic bio-logging devices that <a target="_blank" class="" href="https://www.businessinsider.com/scientists-recorded-one-of-rarest-whales-world-2019-6">capture the animals' vocalizations</a> and provide data specific to each individual whale.</p><p>Project CETI is also working to build a fixed-bottom listening station in the island of <a target="_blank" class="" href="https://www.businessinsider.com/caribbean-mistakes-to-avoid-from-frequent-traveler-2024-5">Dominica</a>, which will record sperm whale sounds across a wide area and create a three-dimensional, interactive map of the whales' locations at all times, Gruber said.</p><p>The researchers supplement these auditory recordings with <a target="_blank" class="" href="https://www.businessinsider.com/scientists-shocked-juvenile-white-sharks-swim-near-humans-dont-attack-2023-6">drone surveys</a> of the whales' body language and field observations taken by Project CETI researchers. This provides the necessary context that should help the team understand these sounds on an even deeper level.</p><p>"Think of a baby trying to learn a language. It's paying attention, it's looking for context. We feel a lot like we're <a target="_blank" class="" href="https://www.businessinsider.com/injured-whale-stuck-in-london-thames-river-was-euthanized-2021-5">baby whales</a>," Gruber said.</p><h2 id="65174ebb-af35-493e-8099-2a94226bc36c">How to help protect whales</h2><div type="image" title="An aerial view of a Maersk shipping container cargo ship in San Francisco Bay on May 30, 2023 in San Francisco, California." height="683" width="1024" msid="112064331" hostid="261" sizebytes="53368"></div><p>"We ask every day, how is this going to service the whales? How would this benefit them?" Gruber said of the project's research. </p><p>One potential benefit is better noise pollution mitigation. </p><p>Studies suggest that shipping traffic is on the rise, and resulting <a target="_blank" class="" href="https://www.businessinsider.com/cargo-ships-in-japan-are-changing-whales-songs-2018-10">underwater noise pollution</a> is an issue of growing concern. It can impact whales' ability to hear each other and disrupt their behavior, according to NOAA.</p><p>If we have a better grasp on how whales communicate, it could help inform ways to manage underwater noise pollution and help us better understand its impact on the animals, Gruber said.</p><p>"I know that there will be amazing things to come from our understanding of these complex, majestic, beautiful animals," he said.</p>

Scientists are closer than ever to deciphering the secret language of sperm whales. AI could be the key.

<ul class="summary-list"><li>OpenAI has shared a new five-level scale to mark progress toward artificial general intelligence.</li><li>The company told employees it was nearing AI systems that could reason, Bloomberg reported. </li></ul><p><a target="_blank" class="" href="https://www.businessinsider.com/timeline-sam-altman-openai-shock-firing-microsoft-switch-2023-11">OpenAI</a> has a new scale to mark its progress toward artificial general intelligence, or <a target="_blank" class="" href="https://www.businessinsider.com/what-is-agi-artificial-general-intelligence-explained-2023-5">AGI</a>.</p><p>According to a Bloomberg report, the company behind ChatGPT shared the <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-07-11/openai-sets-levels-to-track-progress-toward-superintelligent-ai">new five-level classification system</a> with employees at an all-hands meeting on Tuesday.</p><p>The scale ranked AI systems by levels of intelligence, from chatbots at level one, to AI systems that could do the work of entire organizations at level five.</p><p>Execs reportedly told staffers they believed OpenAI was at level one, defined as AI with conversational language skills, but was nearing level two, identified as <a target="_blank" class="" href="https://www.businessinsider.com/openai-meta-agi-ai-models-reasoning-race-2024-4">"reasoners" with human-level problem-solving.</a></p><p>Progress to the next level is a sign that OpenAI chief Sam Altman is inching closer to his stated ambition of creating AGI, or AI systems that can match or surpass human capabilities across a wide range of cognitive tasks.</p><p>It's a mission that has turned into a high-stakes race against competitors since the launch of <a target="_blank" class="" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">ChatGPT</a>, as billions of dollars of investment have poured into companies vying to reach the same goal first.</p><p>Altman <a target="_blank" class="" href="https://time.com/6344160/a-year-in-time-ceo-interview-sam-altman/">has said he expects major progress </a>toward AGI will be achieved by the end of the decade.</p><h2 id="3f0fa7be-dda2-4531-8473-b263ed332161">A big deal</h2><p>John Burden, a research fellow at the University of Cambridge's Leverhulme Centre for the Future of Intelligence, told Business Insider the jump from existing systems to those that could reason would be "very significant."</p><p>"If we do get some AI systems that can reason soon, I cannot understate how big of a deal that would be — we're talking about systems that would be able to come to conclusions that we don't like," he said.</p><p>Burden added developing AI systems to this level runs the risk of the machines "reasoning past us," something that could have consequences for the workforce.</p><p>"If these systems can reason as well as humans, they're probably going to be a lot cheaper than humans to keep employed," he said.</p><p>An OpenAI representative told Bloomberg the scale also included "Agent" and "Innovator" levels, which classified AI systems by their ability to take action and aid in invention.</p><p>However, the validity of the scale itself is also up for debate.</p><h2 id="b13c1d46-61e6-45f5-9058-4aaa1c325896">Just a mirage?</h2><p>Burden said the tech industry still appeared to be hovering at level one, which covers the chatbots now available. He added that the jump from the second level to three and five was "essentially trivial."</p><p>"Whatever Sam Altman wants to say to generate hype, we're still just at level one," he said. "We've got AI systems that appear to do a tiny bit of reasoning, but it's not clear if it's just a mirage."</p><p>It's also unclear whether the top end of the scale is even possible.</p><p>"The top level of the scale, where an AI that can do the work of an organization, requires many other human skills beyond just reasoning," Hannah Kirk, an AI researcher at the University of Oxford, told BI.</p><p>"The ability to coordinate, not just reason, is incredibly important to move you up these levels," she said. "There's going to be many more elements of coordination, or more social intelligence aspects that are very important to moving up these levels beyond just cognitive intelligence."</p><p>Representatives for OpenAI did not immediately respond to a request for comment from Business Insider, made outside normal working hours.</p>

OpenAI is reportedly nearing AI systems that can reason. Here's why that could be a cause for concern.

The Central Board of Secondary Education (<keyword id="6356155" type="General" weightage="80" keywordseo="cbse" source="Orion">CBSE</keyword>) has opposed a petition challenging certain provisions of the Right to Education Act, 2009 for being "arbitrary, irrational, and violative" and seeking direction to the Centre to implement common syllabus and curriculum for the students of Class 1 to 8 standard throughout the country.<br /><br />In its reply to a <keyword id="6355791" type="General" weightage="20" keywordseo="PIL" source="Orion">PIL</keyword> filed by lawyer and BJP leader Ashwini Upadhyay, the CBSE clarified that education falls under the 'Concurrent List' of the Indian Constitution, and the majority of schools are under the jurisdiction of state governments. As a result, it is the responsibility of the respective state and Union territory governments to formulate syllabi, curricula, and conduct examinations for schools in their regions.<br /><br />The CBSE further pointed out that the National Curriculum Framework (NCF), developed by the National Council of Educational Research and Training (<keyword id="48505" type="General" weightage="20" keywordseo="ncert" source="Orion">NCERT</keyword>) in accordance with the National Policy on Education, provides guidelines and direction for syllabus and textbook development across all school stages.<br /><br />In line with the NCF, the NCERT develops curriculum, syllabi, textbooks, and supplementary materials, it said.<br /><br />The Board said that the State Councils of Educational Research and Training (SCERTs) and State Education Boards either adopt or adapt the NCERT's model syllabi and textbooks or create their own based on the NCF.<br /><br />The CBSE also said that a uniform curriculum across India may not adequately consider local context, culture, and language. It further highlighted the importance of a national framework with flexibility that allows for the incorporation of local resources, culture, and ethos.<br /><br />The CBSE's response underscored that a curriculum closely related to a student's life outside of school is more relatable and effective. Therefore, they expressed support for a diversity of curricula and educational resources, in addition to a common core element.<br /><br />A division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad had earlier sought the Delhi government, the CBSE and the NHRC's response on the petition.<br /><br />The plea also challenges the provisions under the RTE Act which excludes madrasas, Vedic pathshalas and educational institutions imparting religious knowledge.<br /><br />Upadhyay had argued that all competitive examinations be it engineering, law and the Common University Entrance Test (CUET) should have a common syllabus.<br /><br />"But we have multiple syllabus at school level, how will it provide an equal opportunity for students? In Kendra Vidyalayas across the country, we have a common syllabus. Every developed country has a common syllabus in schools. It is unfortunate we are under pressure from the coaching mafia."<br /><br />He had contended that as per the Articles of the Constitution, students do not get equal opportunities.<br /><br />Upadhyay, in his plea, alleges that "education mafias are very powerful and have a very strong syndicate. They influence rules, regulations, policies and examinations. The bitter truth is that school mafias do not want one nation-one education board, coaching mafias do not want one nation-one syllabus, and book mafias do not want NCERT books in all schools. That is why the <keyword id="97896" type="General" weightage="50" keywordseo="uniform-education-system" source="Orion">uniform education system</keyword> up to the 12th standard has not been implemented yet."<br /><br />"It is necessary to state that the purposive and harmonious construction of Articles 14, 15, 16, 21, 21A with Articles 38, 39, 46 confirms that education is a basic right of every child and the state cannot discriminate against this most important right. Right of a child should not be restricted only to free education, but must be extended to have equal quality education without discrimination on the ground of the child's social, economic and cultural background," the plea reads.<br />

CBSE opposes PIL in Delhi HC seeking common syllabus across India

<ul class="summary-list"><li>I went to public school in Ohio, and now my three kids are going to school in New Delhi. </li><li>There's a lottery system to get into the most sought-after schools, which puts pressure on parents.</li></ul><p>My foray into the Indian school system began with education — not my children's, but my own. I met my husband during my study-abroad semester in <a target="_blank" href="https://www.insider.com/india-g20-summit-cardboard-cutout-monkeys-scare-macaques-new-delhi-2023-9">New Delhi</a>. We got married in 2010 and made our home there. We now have three sons, aged 10, 8, and 4, who are enrolled in an <a target="_blank" href="https://www.insider.com/school-classrooms-around-the-world-2017-7">Indian school</a>.</p><p class="MsoNormal">I grew up attending a <a target="_blank" href="https://www.insider.com/best-public-high-schools-in-america-2019-8">public school </a>in suburban <a target="_blank" href="https://www.insider.com/glad-i-accidentally-went-to-ohio-university-instead-of-florida-2023-10">Ohio</a>. My experience living in the megacity of New Delhi and navigating the school system here vastly differs from what I grew up with.</p><p>Here are my firsthand perspectives on the disparities between schools in India and the US.</p><h2>Formal schooling starts early</h2><p>One of the most striking differences I noticed is the age at which formal schooling begins for children in India.</p><p>In our case, my kids started in a formal pre-K program when they were 3 years old. The immense demand for quality education, especially in India's cities, where competition for school admission is fierce, drives this early start. This leads to the prevailing notion that if you don't enroll your child in the formal school system early, you might miss the window of opportunity to secure a spot in one of the more coveted institutions later.</p><h2>There's a lot of pressure to get into some schools</h2><p>School admissions in New Delhi are a high-stakes endeavor, unlike the public-school system I grew up with in the US, where your address mostly dictates which school you attend.</p><p>The admissions process here is complex and multifaceted, incorporating factors such as proximity to the school and alumni status. But schools also consider things like parents' education levels, giving preference to better-educated parents with the idea that it may signal the family prioritizes education. Even factors like a child's gender are taken into consideration. Historically in India, many families prioritized the education of sons over that of daughters because the sons would continue to care for their parents in old age. Schools, in awarding additional points in admissions consideration to girls, are trying to advocate for girls' education and correct that longstanding gender bias. </p><p>After students meet these criteria, schools select them through lotteries. The acceptance rates at some of the most sought-after schools are staggeringly low, hovering at around 1%. The pressure on parents to secure their child's admission begins months, if not years, in advance, and this intense competition can be incredibly stressful.</p><h2>There are more one-day school holidays</h2><p>I remember growing up with leisurely summer and winter breaks that ranged from three weeks to three months in length. My kids, on the other hand, only enjoy a six-week summer hiatus from mid-May to late June, and a 10-day break in January.</p><p>However, the Indian school calendar compensates with frequent one-day holidays throughout the year. These single-day "chuttis"— "holidays" in Hindi — encompass an array of religious and public holidays, including Eid, Christmas, Buddha's Birthday, Mahatma Gandhi's birthday, Diwali, various Hindu gods' birthdays, Sikh gurus' birthdays, and national holidays such as Independence Day and Republic Day.</p><h2>My kids are learning several languages</h2><p>Most Indian schools adopt a bilingual approach to education. In our case, instructors teach our kids in English, our kids have studied Hindi since kindergarten, and they'll begin learning a third foreign language in the fourth grade. This multilingual approach reflects the diverse linguistic landscape of India and prepares students to communicate effectively in both a country as diverse as India and in the wider world.</p><h2>There's more emphasis on STEM subjects</h2><p>Indian schools place significant emphasis on STEM subjects. While they do teach basic grammar, there is often less emphasis on reading full books as part of the curricula.</p><p class="MsoNormal">In my children's English textbooks, there are excerpts from works such as "Alice's Adventures in Wonderland," "Treasure Island," and "The Jungle Book<em>," </em>but teachers assign few full novels as reading. In contrast, in his environmental-studies class, my fifth grader is delving into topics including human and plant anatomy that I didn't encounter until my freshman year of college in the US. This focus on STEM subjects sometimes comes at the cost of arts and humanities education, requiring parents to supplement their children's learning in these areas outside school.</p><p>While navigating the Indian education system — and the education system in any country, for that matter — has its own set of challenges, our family has embraced this adventure. We are excited to see how it shapes our children's futures, and opportunities for growth, learning, and adaptation.</p>

I'm an American mom of 3 living in India. My kids learn multiple languages, and their schools focus more on STEM subjects.

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, Global brokerage <keyword id="19906485" type="General" weightage="20" keywordseo="goldman-sachs" source="keywords">Goldman Sachs</keyword> has flagged multiple headwinds to deposit growth in Indian banks as it loses its attractiveness.<br /><br />It has cited head winds like strained financial savings, the rise of alternatives such as stock market investments and strong growth in alternate government savings schemes (<keyword id="20699846" type="General" weightage="20" keywordseo="ppf-and-small-savings" source="keywords">PPF and Small Savings</keyword>), size of which has grown to 21 per cent of the total deposits.<br /><br />Interestingly, increase in alternative government savings schemes is equivalent to 34 per cent of the increase in deposits over FY21-23, Goldman Sachs said.<br /><br />It said: "We believe the system would need to offer attractive rates to make bank-deposits attractive.<br /><br />"We believe consumer lending is nearing the consolidation phase driven by large volumes of unsecured lending with an estimated 120mn unsecured personal loans which increased 4X over the last three years; rising financial leverage at <keyword id="20319599" type="General" weightage="20" keywordseo="households" source="keywords">Households</keyword> with gross-financial-liabilities to gross-financial-assets increasing to all time peak of 40 per cent, a sharp reduction in net financial assets (financial savings minus financial assets) from 11 per cent+ of GDP to less than 5 per cent of GDP and deteriorating performance of portfolio on boarded over the last 12 months."<br /><br />Bank deposits also see competition from government small savings investments which have now grown to 20 per cent of the total deposit pool in the system, and offer higher interest rates compared to bank TD.<br /><br />The share of deposits in the household financial asset mix has decreased to only 45 per cent in FY23 (compared to 48 per cent in FY21), with incremental flow of only 35 per cent going towards deposits. This has led to flows of net financial assets as a proportion of GDP to more than halve from FY21 to FY23, Goldman Sachs said.<br /><br />--IANS<br /><br />biz/san/svn<br /><br />

Bank deposits losing attractiveness as govt savings schemes see strong growth

<ul class="summary-list"><li>My husband and I moved with our two kids from California to Spain. </li><li>We live in San Sebastián, where both of our kids go to school.</li></ul><p>I met my husband while we were studying abroad in <a target="_blank" href="https://www.insider.com/sightseeing-roller-coaster-san-sebastian-2018-4">San Sebastián</a>, Spain. We fell in love with the culture and agreed that one day we'd move back to raise our kids. We moved from Los Angeles to Spain when our kids were 9 and 11 years old.</p><p>As owners of our own businesses, we knew we'd transition easily. As <a target="_blank" href="https://www.insider.com/parenting-teens-is-a-balance-too-close-or-too-far-2021-12">parents of tweens</a>, however, figuring out the school system was one of the most challenging parts.</p><h2><strong>Our school offers 4 languages</strong></h2><p>Schools in Spain are either public, private, or semiprivate (known as "concertado"), similar to charter schools in the US. While Spanish is the national language, public schools in autonomous communities — Spain has 17, and each has its own executive, legislative, and judicial powers — typically prioritize instruction in their local dialect.</p><p>We wanted our children to become fluent in Spanish, but since public schools here are taught in Basque, we opted for a "concertado," where instruction is in Basque, Spanish, and English, with French optional. Despite only one or two classes being in Spanish, most kids speak it on the playground, so our kids were fairly fluent after just three months.</p><h2><strong>Children stay in their classrooms, and teachers rotate in</strong></h2><p>In Spain, children attend primary school up to sixth grade, then transition to secondary school for four years (from roughly 12 to 16 years old). Starting in primary school, students stay in their classrooms, and the teachers rotate in to teach different subjects, which was new for us.</p><p>While public school is free, all students pay for books and activities. Students transition to computers in fifth grade and purchase annual digital licenses rather than physical books.</p><p>School in Spain is only mandatory through the end of secondary school. After that, students can enter the workforce, attend a trade school, or have two additional years of schooling before university.</p><h2><strong>They have a 2-hour lunch break</strong></h2><p>One of the biggest differences for us was the school schedule. Primary school starts at 9 a.m. and ends at 4:30 p.m. to account for a two-hour lunch break. Kids have the option to eat with their families or at school.</p><p>The break is so long because, in Spanish culture, lunch is when families gather over extended meals.</p><p>If students stay at school for lunch, they don't bring food from home. Instead, they enjoy cafeteria meals like grilled steak and fish, homemade soups, and traditional dishes like croquetas or tortilla de patatas, always accompanied by fresh fruit, baguettes, and water.</p><p>Gone are the days of California school lunches of pizza, hot dogs, and other heavily processed foods. It's comforting to know our kids are eating so well; in fact, the cafeteria workers are tasked with making sure students eat everything.</p><p>The second hour of the lunch break is dedicated to sports and extracurricular activities for a nominal monthly fee. Options include gymnastics, soccer, hockey, painting, robotics, and chess.</p><h2><strong>We never get permission slips for field trips</strong></h2><p>Field trips are done much differently than in the US. Details are often vague, there are no permission slips, and we never know specifics until a couple of days prior, even for overnight excursions.</p><p>In the US, my kids never set foot off-campus without a permission slip and specific details of where they would be and when. Even so, I've never questioned my children's safety when at school in Spain, which sadly, I can't say about school in the US.</p><h2><strong>There's an on-campus café</strong></h2><p>It wouldn't be Spain without a bar or café nearby. Our school has a café on<strong> </strong>campus, open before and after school and during recess.</p><p>Parents gather there for coffee and to buy school clothing. They peruse the lost and found and chat with the woman who runs it. Students descend on the café during recess and after school for jamón serrano sandwiches and chocolate croissants hot out of the oven.</p><p>There was a steep learning curve for the whole family when transitioning from school in the US to school in Spain, but my children are now multilingual, have a <a target="_blank" href="https://www.insider.com/what-is-third-culture-kid-definition-raising-children-expat-2023-7"><u>greater global perspective,</u></a> and have proven to be more resilient than I knew they could be at this age.</p>

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