The correct answer is option 1, Dadabhai Naoroji. Dadabhai Naoroji was an Indian political leader, economist, and social reformer. He is known for formulating the concept of poverty as a measurable development indicator in the Indian subcontinent.

Option 2, Romesh Chandra Dutt, was an Indian civil servant, economist, and historian. While he made significant contributions to the field of economics, he did not specifically formulate the concept of poverty as a measurable development indicator.

Option 3, V.K.R.V. Rao, was an Indian economist and politician. He played a crucial role in the development of economics in India, but he did not specifically formulate the concept of poverty as a measurable development indicator.

Option 4, M. Ranade, was an Indian social reformer and political leader. While he made significant contributions to social reforms in India, he did not specifically formulate the concept of poverty as a measurable development indicator.

In conclusion, Dadabhai Naoroji, option 1, is the correct answer as he is credited with formulating the concept of poverty as a measurable development indicator in the Indian subcontinent.