Nehwal, the defending champion and world number three, booked her spot in the final after storming to a 21-10, 21-16 victory over Thai shuttler Nichaon Jindapon, taking just 40 minutes to do so.
She will meet reigning world champion Carolina Marin in the final after Marin defeated PV Sindhu in their semi-final match up.
World number five Srikanth had a tougher time of it, having to come from behind to beat countryman H.S. Prannoy 12-21, 21-12, 21-14. He will now meet compatriot Parupalli Kashyap in the final after Kashyap defeated Denmark's Viktor Axelsen 18-21 22-20 21-7.
The winner at the Babu Banarasi Das Indoor Stadium will take home a share of the $120,000 purse.