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He is speaking in the context of young lawyers (15-20 years exp.) refusing elevation directly to the High Court. These lawyers have a long career in litigation ahead, and their potential earnings as a lawyer are limitless. Naturally, they find no incentive to get elevated to the High Court and earn a meagre salary. This is not a recent issue, and is covered pretty well in Abhinav Chandrachud's book "Supreme Whispers".
1. It is a numbers game, which you can understand if you see the numbers. No subordinate judge has ever been elevated to the HC before 57-58 years or thereabouts. On the contrary, several lawyers have been offered the position even before they turn 50. This is a deliberate ploy to keep the former away from being CJ or get further elevated to the SC.

2. The evidence lies in the fact that even the collegium has never made sufficient number of recommendations to fill the vacancies at any given time! The government further culls the number by sitting on a few, but that does not mean that enough recos are being made to begin with!