All-rounder Yuvraj Singh continued to be ignored for the ODI team but got the selectors' nod for the Twenty20 World Championships to be held from March 16 to April 6.
The biggest casualty was, however, Ishant, who has been drawing flak for his poor performance in the limited overs format, as he was dropped from both the teams to be captained by Mahendra Singh Dhoni.
The axe on Raina was also largely expected as the left-hander has been in wretched form for quite a while now. In fact he was dropped midway through the ODI series against New Zealand last month which India lost 0-4. Raina has scored only one half-century (against Zimbabwe) in the last 24 ODIs he has played.
Raina's poor form has prompted the selectors to turn to Pujara, who has been a prolific scorer in Tests.
2014 T20 World Cup squads
The selectors also reposed faith on off-spinner Ravichandran Ashwin who has not been very successful in overseas conditions. Ashwin found a place in the T20 squad.
The pace department looks a trifle inexperienced with Bhuvneshwar Kumar, Mohammed Shami, Varun Aaron and Ishwar Pandey forming the line-up. The 24-year-old Bhuvneshwar, who has played six Tests and 31 ODIs, will be the spearhead in Ishant's absence.
Leg-spinner Amit Mishra has found a place in the T20 squad but has not featured in any of the formats for a while despite being a part of the side.
The selectors have stuck to the opening combination of Shikhar Dhawan and Rohit Sharma in T20 teams as well while Virat Kohli, Ajinkya Rahane, Raina and Yuvraj make up the middle-order in the T20 squad.
Dhoni is the lone specialist wicket-keeper in both the squads although Ambati Rayudu can don the gloves if necessary.
ICC World T20: Mahendra Singh Dhoni (C), Shikhar Dhawan, Rohit Sharma, Virat Kohli, Suresh Raina, Yuvraj Singh, Ajinkya Rahane, Ravindra Jadeja, R Ashwin, Bhuvneshwar Kumar, Mohammed Shami, Roger Binny, Amit Mishra, Mohit Sharma, Varun Aaron.