Who elaborated the drain of Wealth theory propounded by Dadabhai Naoroji?

Correct answer: M. G. Ranade

Explanation: The correct answer is A. M. G. Ranade. The Drain of Wealth theory was originally propounded by Dadabhai Naoroji, who argued that a large portion of India’s wealth was being systematically transferred to Britain without any economic return. He highlighted how salaries of British officers, pensions, profits of British companies, and the costs of administrative and military structures were being paid from Indian resources. This theory was later elaborated and supported by M. G. Ranade, a noted Indian economist and reformer. Ranade provided a more analytical and statistical understanding of how British economic policies led to the impoverishment of India.