Hey Utkarsh!
Personally I think the most efficient way is to give a take home assignment. I literally just had someone I was helping to get a job, really great developers. Tons of experience! Even made an app that is in the app store with 30k downloads and a 4.6 rating. Failed a hackerrank assessment and the employer went dark on them.
The hiring process is flawed.
I think many companies are realizing that but some still try to stick to the idea that they need to be like Google! lol
I think a small little project that they code at home will show their coding abilities and will be the best judge. Can they finish a task that they are assigned. Just don't give them an insane task.
Hope this answers your question!