Dadabhai Naoroji argued before the Welby Commission in 1895 that the amount being drained away represented a potential surplus which might have raised Indian income considerably if invested properly inside India.

Explanation:

Dadabhai Naoroji was an Indian political leader, social reformer, and an early nationalist who played a significant role in the Indian independence movement. He was a prominent figure in the Indian National Congress and is often referred to as the "Grand Old Man of India."

During the late 19th century, India was under British colonial rule, and the British administration imposed several economic policies that led to the drain of wealth from India. Dadabhai Naoroji extensively studied the economic impact of British colonialism on India and presented his findings in his book, "Poverty and Un-British Rule in India," which laid the foundation for the economic critique of British colonialism in India.

Naoroji argued that British colonial policies, such as heavy taxation, the export of raw materials, and the import of finished goods, resulted in the drain of wealth from India. He estimated that a significant portion of India's national income was being drained out of the country and used to finance British interests.

In his argument before the Welby Commission in 1895, Naoroji emphasized that the amount being drained away represented a potential surplus that could have been utilized for the development and welfare of India. He believed that if this surplus had been invested properly inside India, it could have significantly raised Indian income and improved the living conditions of the Indian population.

Naoroji's argument was based on the principle of economic nationalism, which advocated for economic self-sufficiency and the utilization of domestic resources for the benefit of the country. He called for the promotion of Indian industries, the protection of Indian markets, and the development of infrastructure to stimulate economic growth and reduce dependency on British imports.

Naoroji's ideas were highly influential and laid the groundwork for future economic nationalists in India. His arguments highlighted the exploitative nature of British colonialism and contributed to the growing nationalist sentiment in the country.