India dropped two places to fifth after failing to reach the final of the recent tri-series with Australia and the West Indies in Malaysia but the middle section is very tight and as hosts of the upcoming tournament they will have high hopes of moving back up the list.
Team India has the same number of points as Pakistan and New Zealand but sits below both sides as the ratings are calculated to three decimal places.
Australia, which had a lead of just four rating points over second-placed South Africa at one stage during the tri-series, has some extra breathing space with that margin extended to seven points.
Champions Trophy holders the West Indies now stand seventh in the table, three points clear of England and five rating points behind Sri Lanka.
Meanwhile, after an outstanding performance in the Malaysia tri-series, Australian batsman Michael Hussey sits on top of the Player Rankings for ODI batsmen followed closely by compatriot Adam Gilchrist, who did not participate in that series.
Hussey is still six innings short of qualifying for a full ranking so he could yet extend his lead at the top provided he maintains his form into the ICC Champions Trophy.
Meanwhile, dashing India stumper Mahendra Singh Dhoni will be keen to overturn his poor series last month and move back up the rankings from his current position of eighth. In addition to Dhoni, India has two other batsmen in the top 20 - Yuvraj Singh in 13th spot and Dravid is five places lower down.
For the bowlers, the man to catch is South Africa's Shaun Pollock who is still the world's top-ranked bowler and all-rounder in ODIs.
Australian Brett Lee is second following an excellent tournament in Malaysia where he took 12 wickets in three games.
The Champions Trophy begins tomorrow in Mohali when Sri Lanka take on Bangladesh. It is the first of 21 matches in 30 days taking place at four venues in India.
ICC ODI Team rankings: 1. Australia (131), 2. South Africa (124), 3. Pakistan (111), 4. New Zealand (111), 5. India (111), 6. Sri Lanka (107), 7. West Indies (102), 8. England (99), 9. Zimbabwe (33), 10. Bangladesh (33), 11. Kenya (0)
Player rankings: Batsmen: 1) Michael Hussey (AUS), 2) Adam Gilchrist (AUS), 3) Ramnaresh Sarwan (WI), 4) Ricky Ponting (AUS), 5) Andrew Symonds (AUS), 6) Kevin Pietersen (ENG), 7) Graeme Smith (SA), 8) Mahendra Singh Dhoni (IND), 9) Chris Gayle (WI), 10) Kumar Sangakkara (SL)
Bowlers: 1) Shaun Pollock (SA), 2) Brett Lee (AUS), 3) Shane Bond (NZ), 4) Nathen Bracken (AUS), 5) Glenn McGrath (AUS), 6) Ian Bradshaw (WI), 7) Daniel Vettori (NZ), 8) Makhaya Ntini (SA), 9) Harbhajan Singh (IND), 10) Irfan Pathan (IND)
Allrounders: 1) Shaun Pollock (SA), 2) Chris Gayle (WI), 3) Andrew Flintoff (ENG), 4) Andrew Symonds (AUS), 5) Irfan Pathan (IND), 6) Shoaib Malik (PAK), 7) Sanath Jayasuriya (SL), 8) Abdul Razzaq (PAK), 9) Scott Styris (NZ), 10) Shahid Afridi (PAK)