Hi Dinesh,
You should try avoid using jQuery ( Line no 7 ) for retrieval of values from the DOM,
AngularJS does this binding for you. You can achieve this easily by adding ng-model directive to your text box and the dropdown. When the value in the dropdown or the text box is changed, the model value gets automatically updated.
Please note that I've added option attributes to the select box, you should also use the ng-selected directive to select the dropdown when you click on edit.
Thanks
Srikkanth