Explain how educational planning is necessary for human capital  formation.

The answer to your question is already covered in our study material. Follow the given link and scroll down to the topic 'Role of education in economic development' to view the same.

https://www.meritnation.com/cbse/class11-commerce/studymaterial/economics/indian-economic-development/unit-iiihuman-capital-formation-in-india/442_2487_6388#slide1_Education as a Source of Human Development, Future Prospects