He's talking, of course, about the JEE. Here's the concluding paragraph:
It is improbable that the I.I.T.’s will ever regain their old glory. The circumstances of the nation have changed, and the smartest Indians do not need an engineering degree to find a place in the world or to make a decent living. Also, the government has not invested enough in the I.I.T.’s, and the most talented scientific minds have the option to enroll in genuinely outstanding centers of learning in the West instead of being stuck in a place that has derived its prestige largely from the fact that only one in 50 cracks its entrance exam.