Step 1: Understanding the assertion.
The Arjuna Award is one of the highest sports awards in India. It is awarded for excellence in sports, but it is not the highest, as the Khel Ratna is considered the highest sports award in India. Therefore, Statement (A) is correct.
Step 2: Understanding the reason.
The Arjuna Award is given to athletes in recognition of their achievements, regardless of gender. It is not specifically for outstanding women; therefore, Statement (R) is wrong.
Step 3: Conclusion.
Since Statement (A) is correct, but Statement (R) is wrong, the correct answer is (A).
Final Answer:} Statement (A) is correct but (R) is wrong.