The Indian women's team, which had reached the final of the ICC Women's World Cup in July, has closed in the gap with third-placed New Zealand.
New Zealand maintained their third position with their pre-update tally of 118 points.
India captain Mithali Raj said her team is aiming to climb up to No. 3 position.
"Gaining these valuable points is no mean achievement and have come after some fine performances over the past year, including at the World Cup. I'm sure this will inspire our team in matches ahead," said Mithali.
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The table is headed by England, who have dethroned Australia from the top position.
England are now level with Australia on 128 points but ahead on decimal points after the annual update, following which results from the 2013-14 season are no longer included.
The rankings now take into account 2014-15 and 2015-16 seasons at 50 per cent each while the 2016-17 season accounts for 100 per cent.
England and Australia are the only sides to see a change in the rankings.