Assertion: During the colonial era, the contribution of Dada Bhai Naoroji is considered as most significant in the estimation of national income.

Reasoning: During the colonial period, the colonial government did not make any genuine effort to accurately determine India's national and per capita income

Assertion (A) is not true but Reasoning (R) is correct.

During the colonial period, the colonial government did not make any genuine effort to accurately determine India's national and per capita income. Various individual attempts were made to estimate these incomes, but they often produced conflicting and inconsistent results. Notable individuals who made such estimations include Dadabhai Naoroji, William Digby, Findlay Shirras, V.K.R.V. Rao, and R.C. Desai. Among them, V.K.R.V. Rao's estimates were particularly regarded as significant during the colonial era. Nevertheless, most studies conducted indicate that India experienced a modest growth in aggregate real output during the first half of the twentieth century, averaging less than two percent. The growth in per capita output was even more limited, with an annual increase of only half a percent.