After the British team withdrew a couple of days earlier, B Sai Praneeth and Dhruv Rawat were also forced to withdraw late on January 9, after their Covid test results returned positive.
AP Badminton Association and Guntur district Badminton Association also felicitated Srikanth and presented him with Rs 1 lakh each.
Jagan also announced a cash award of Rs 7 lakh and five acres of land in Tirupati for setting up a badminton academy.
Lakshya Sen, who also secured a maiden bronze at World Championship in his first campaign at the event, jumped two spots to the 17th place but B Sai Praneeth slipped two places to the 18th spot.
Srikanth, who had reached the knockout stage of the 2014 edition of the year-ending event, beat France's Toma Junior Popov 21-14 21-16 in 42 minutes in his opening match of group B.
India's challenge in the event now rests on Kidambi Srikanth, who will play third seed Anders Antonsen of Denmark in the men's singles semifinals, later in the day.
Prannoy beat Tokyo Olympics gold-medallist Victor Axelsen 14-21 21-19 21-16 in a tense one hour 11 minutes battle in the men's singles second round.
Srikanth went down after playing his heart out to match top-seed Kento Momota 18-21, 22-20, 21-19 in the second round of the French Open Super 750 badminton tournament.
World no 14 Srikanth is expected to meet world no 1 and top seeded Japanese Kento Momota in the second round, while Sameer will face Denmark's third seed Anders Antonsen in all probability.
India will play defending champion China on Monday, before taking on hosts Finland in the world mixed team championships on Wednesday.