I just went through the Cricket Rankings for the Test and ODI teams and players at CricInfo.
First of all, India Ranks 3rd in both Test and ODI. India is clearly ahead of the fourth ranked team and only constant poor performance for months together alone will lower India's rank. But India is not far from the 2nd ranked team.
Then I checked the Player Rankings.
ODI Player Rankings:
1. MS Dhoni
2. Yuvraj Singh
7. V Sehwag
No bowlers in top 10.
Yuvraj ranks 8th in all rounders
Test Player Rankings:
1. Gautam Gambhir
6. Harbhajan Singh
10. Zaheer Khan
10. Harbhajan Singh
Gautam Gambhir being on top was a surprise for me. I knew he would be on top 10 but never expected him to be on the top.