The Economic and Social benefits of human capital formation and human development are well known. The union and state governments in India have been earmarking substantial financial outlays for development of education and health sectors. The spread of education and health services across different sectors of society should be ensured so as to simultaneously attain economic growth and equity. India has a rich stock of scientific and technical manpower in the world. The need of the hour is to better it qualitatively and provide such conditions so that they are utilised in our own country. 

_____________ is sought not only as it confers higher earning capacity on people but also for its other highly valued benefits like, it gives one a better social standing and pride ; it enables one to make better chokes in life etc.

Education

The correct answer is option (2) : Education

Education is sought not only as it confers higher earning capacity on people but also for its other highly valued benefits: it gives one a better social standing and pride; it enables one to make better choices in life; it provides knowledge to understand the changes taking place in society; it also stimulates innovations. Moreover, the availability of educated labour force facilitates adaptation of new technologies. Economists have stressed the need for expanding educational opportunities in a nation as it accelerates the development process.