Option 1 states that Dadabhai Naoroji first put forward `the theory of drain of wealth`. This statement is correct. Dadabhai Naoroji, a prominent Indian nationalist and leader of the Indian National Congress, is widely credited with introducing the theory of drain of wealth. He argued that British colonial rule in India was siphoning off the country`s wealth, leading to economic stagnation and poverty.

Option 2 states that the Indian National Congress adopted a resolution to criticize the drain of wealth in its annual session at Calcutta in 1896. This statement is also correct. In 1896, the Indian National Congress held its annual session in Calcutta (now Kolkata) and passed a resolution condemning the drain of wealth from India. This resolution reflected the growing concern among Indian nationalists about the economic exploitation of their country by the British.

Therefore, both statements are correct. Dadabhai Naoroji first put forward the theory of drain of wealth, and the Indian National Congress, during its annual session in Calcutta in 1896, adopted a resolution to criticize this drain of wealth.