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Playing his eighth tournament this season, Srikanth finally got some momentum as he made his first last-four appearance in 16 months.
National champion Chirag Sen lost 15-21, 16-21 to Wang Zheng Xing in the decider.
Orleans Masters winner Priyanshu Rajawat, Denmark Masters winner Kiran George and Sathish Kumar Karunakaran entered the second round with fine victories.
The second-seeded Indian pair bounced back to win the title clash 2-6, 6-3, 10-4 against Chinese Taipei's combo of Tsung-hao Huang and En-shuo Liang.
India will take on Pakistan in men's team squash while boxer Lovlina Borgohain will also be in action.
It is Ramkumar's first Asian Games medal and third for Myneni.
Kerala athletes Muhammed Anas Yahiya and Muhammed Ajmal will be in action in 400m.
Keralite K P Rahul's first-half equaliser from an acute angle was the only silver lining for India.
Tanya Hemanth was the lone Indian to win in the women's singles.
The men's doubles pair of Satwiksairaj Ranikreddy and Chirag Shetty also advanced.