This is to improve the accessibility features of the widget. Though not recommended, if you need place holder text, you can use a pre-3.0 version of the widget.
If you can explain, why you need the placeholder text in input fields instead of using labels, we can suggest a solution.
Dear @vijet, that is fine, I was trying to follow the designs for the app we are developing, but I do understand that if it is a usability improvement, I’ll stick with the more usable version!