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The 25-year-old this week defeated three-time Olympic silver medallist Lee Chong Wei in the mixed team final to earn India their first-ever Commonwealth Games gold in the event.
"Absolutely thrilled to be ranked WORLD NUMBER 1," Srikanth posted on his official Twitter account.
"I would like to thank my coach Gopi (Pullela Gopichand) Sir for believing in me and my support staff for always taking care of me."
He is not the first Indian to become the world's best, with Saina Nehwal topping the women's chart in 2015.