Lakshya, 16, was rewarded for his good run in international badminton this season. The youngster had clinched the Eurasia Bulgarian Open and India International Series, before finishing runners-up at the Tata Open India International Challenge last week.
Srikanth, who skipped the China Open and Hong Kong Open to recover from a mild strain, will be back in action at the Dubai Super Series Final, starting next week.
In women's singles, P V Sindhu and Saina Nehwal retained their third and 10th places respectively, while Rituparna Das entered the top 50 after improving three places to reach the 49th spot.
Mixed doubles pair of Pranaav Jerry Chopra and N Sikki Reddy were at the 19th spot.
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