To solve this question, the user needs to have knowledge about the history of Indian cricket and the Wisden Cricketer of the Year award.
Option A: Lala Amarnath was the first Indian cricketer to score a Test century for India, but he was not the first Indian to be nominated as one of Wisden's 'Cricketer of the Year'.
Option B: Ranjitsinhji, also known as Ranji, was the first Indian to be named as one of Wisden's 'Cricketer of the Year' in 1897.
Option C: Vijay Merchant was a prominent Indian cricketer who played for the country in the 1930s and 1940s. However, he was not the first Indian to be nominated as one of Wisden's 'Cricketer of the Year'.
Option D: Pankaj Roy was an Indian opening batsman who played for India in the 1950s. He was not the first Indian to be nominated as one of Wisden's 'Cricketer of the Year'.
Therefore, the correct answer is:
The Answer is: B. Ranjitsinhji