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Could it be because we as a society do not value meritocracy and efficiency? More interested in redistributive justice, welfarism, reservation etc? For example, rather than having 5 elite IITs with a few A-list professors and students, we’ve now set up 40 IITs and severely diluted quality as well as funding. You also have the NEET medical setting a cutoff of -40 for quota students, prioritising social justice over efficiency. Many more examples.