Correct Option
Assumption I is valid. The passage emphasizes the development of critical and independent thinking, the importance of learning through practical application, and the need for adaptability to future employment demands. These aspects collectively imply that higher education must continuously evolve and align with ongoing societal and economic developments.
Incorrect Options
Assumption II states that sufficient funds are not allocated for promoting higher education in the country. The provided passage contains no information or direct references concerning government funding, budget allocation, or financial shortfalls in the higher education sector. Therefore, this assumption cannot be inferred or substantiated from the given text. Consequently, options that include Assumption II (options 2 and 3) are incorrect, and option 4 is incorrect because Assumption I is clearly supported by the passage.