Paes is out with a wrist injury while Bhupathi has a groin injury, the Press Trust of India reported, saying they had been replaced in the squad by Karan Rastogi and Yuki Bhambri.
The rest of the team is singles hope Somdev Devvarman, ranked 93, and doubles specialist Rohan Bopanna.
The three-day first-round tie will be held in the Serbian city of Novi Sad from Friday.
India secured its place in the elite World Group of 16 teams for a second straight year by defeating Brazil 3-2 at home in the World Group play-offs.
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