After getting a lot of research, I found its answer. I think everybody should know who is preparing for UGC NET Exam.
Yes, student can appear in UGC NET Exam. But, students must complete his/her master's degree within two years from the date of declaration of result. e.g. If the NET result is declared on 30 June 2021, then Student must be post-graduate by 30 June 2023, which means, within 2 yrs of result declaration.
To know more about UGC NET Exam Eligibility check here
Is there no value of passing the UGC NET now as the HRD made a PhD mandatory for an assistant professor?
Answer: Actually the other way is also correct. i.e There is no value even if you have Ph.D as there are a number of people who have either of these qualifications or both already and still waiting for government jobs. There are literally thousands of Ph.D and NET/SET qualified candidates already waiting in the queue for regular appointment. Due to non-prevalence of proper faculty selection methodology, it is impossible to expect a fair selection procedure at the current scenario.
Unless UGC comes up with an idea of filling all the vacancies in central government through an All-India entrance exam followed by counseling and states by following the same procedure this malady will persist. That is the only way to eliminate the corruption in faculty appointment that UGC glaringly ignores.
In my home state(Southern Most state of India) faculty appointments in govt universities and colleges are arbitrary and involves lot of string pulling and hefty sum exchange.
I would strongly suggest one to try your chance in IBPS, SSC rather than UGC NET as clearing the latter neither guarantee you govt job nor give any preference. If you lost your age limit bcz of Phd then trying studying for state public service commission exams like me.
I hope atleast the prospective HEC will see and address this problem.