@Rajith: "magento2_product_1" is the alias of "magento2_product_1_v1" the index that is created on ES is correct. Magento should be able to find the correct index through the alias "magento2_product_1".

It is working without any issues on Magento Devbox which uses Elastic Search 2.4.5 and I am running Magento EE 2.1.6.

There should be something wrong in your Elastic Search configuration or the permissions.

Try with the below 3 steps:

1. Ignore the Magento_CatalogSearch installation during the first time

Go to app/etc/config.php and disable this module, Search for Magento_CatalogSearch and change 1 to 0.

2. Run this SQL query after successful installation or can be done in background

UPDATE core_config_data set value = 'mysql' where path='catalog/search/engine';

3. After installation is successful, Run the below CLI command to upgrade, flush the cache and reindex

php -f bin/magento setup:upgrade php -f bin/magento cache:flush php -f bin/magento indexer:reindex