In initscripts-5.35-1,

/etc/inittab assumes rc files are in /etc/rc.d/  (extract below) :
    # System initialization.
    si::sysinit:/etc/rc.d/rc.sysinit

whereas
/etc/rc.d/rc.sysinit assumes rc files are in /etc/  (extract below)
    # Rerun ourselves through initlog
    if [ -z "$IN_INITLOG" ]; then
     [ -f /sbin/initlog ] && exec /sbin/initlog $INITLOG_ARGS -r     
     /etc/rc.sysinit
    fi