No, CUET PG is not equivalent to UGC NET. CUET PG is an entrance exam for admission to postgraduate programs in central and other participating universities, focusing on assessing candidates' subject knowledge for academic courses. On the other hand, UGC NET (University Grants Commission National Eligibility Test) is a national-level exam conducted to determine eligibility for lectureship (Assistant Professor) and Junior Research Fellowship (JRF) in Indian universities and colleges. While both are academic assessments, their purposes, eligibility criteria, and outcomes are entirely different.