London Olympics bronze medallist Saina Nehwal will play her third Olympic Games, while P V Sindhu will be the second Indian player in women's singles competition at Rio.
The women's singles' ranking list had Saina Nehwal holding on to her World No. 2. place despite skipping the Lucknow event, where she was the defending champion.
Meanwhile, PV Sindhu dropped out of the top 10 after an unimpressive showing in the Australia Open Super Series.
Srikanth dropped a dramatic 10 places in the BWF men's singles rankings to be positioned at No. 23.
Srikanth made a remarkable leap of nine places in the latest Badminton World Federation (BWF) men's singles rankings released on Thursday.
Parupalli Kashyap, who reached the quarter-finals at the London Olympics, rose two places to a career-best 19th.
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