Correct Answer: Both assertion and reason are true, and the reason is the correct explanation of the assertion.

Solution : The correct answer is (a) Both assertion and reason are true, and the reason is the correct explanation of the assertion.

The assertion states that human capital formation promotes social and gender equality. Human capital formation refers to the process of developing and improving the knowledge, skills, and health of individuals, which enhances their potential and capabilities. The reason provided is that access to education and skill development opportunities empowers individuals and reduces social disparities. This is true because education and skill development can provide individuals, regardless of their social or gender background, with the tools and resources needed to succeed and participate fully in society. By equipping individuals with knowledge, skills, and opportunities, human capital formation can contribute to reducing social and gender inequalities, as it enables individuals to overcome barriers and pursue their aspirations. Therefore, both the assertion and the reason are true, and the reason correctly explains the assertion.