The second seeded Indian won 18-21, 21-13, 21-12 at the Siri Fort Sports Complex.
Srikanth did not start well in his men's singles final against the sixth seed, losing the first game to the Dane.
However, the Guntur-born lad showed his true colours when he totally dominated Axelsen to easily win the second game and push the match into the decider.
It remained an even contest till the time Axelsen was leading 12-10. But Srikanth suddenly found legs to clinch an incredible 11 successive points to win the game without breaking a sweat.
This is second seed Srikanth's second win over Axelsen in as many meetings after beating the Dane in the Swiss Open Grand Prix Gold final earlier this month.
Both Saina and Srikanth took home $20,625 each for the title wins.
Final results (in order of play):
Women's doubles: 1-Misaki Matsutomo/Ayaka Takahashi (Japan) beat 2-Luo Ying/Luo Yu (China) 21-19, 21-19.
Mixed doubles: 2-Liu Cheng/Bao Yixin (China) beat 1-Joachim Fischer Nielsen/Christinna Pedersen (Denmark) 21-19, 21-19.
Men's doubles: 3-Chai Biao/Hong Wei (China) beat 7-Mads Conrad-Petersen/Mads Pieler Kolding (Denmark) 21-18, 21-14.
Women's singles: 1-Saina Nehwal (India) beat 3-Ratchanok Intanon (Thailand) 21-16, 21-14.
Men's singles: 2-Kidambi Srikanth (India) beat 6-Viktor Axelsen (Denmark) 18-21, 21-13, 21-12.