Amit, who is star Indian wrestler Sushil Kumar's replacement in this competition, came from behind to prevail over Uzbekistan's Ruslan Pliev to set up a gold medal bout to be played later in the day.
Ruslan won the first round in the final seconds much to the disappointment of the home crowd at the K D Jadhav Wrestling Stadium.
The Uzbek started the next round also on a high and took 2-0 lead. He further went on to tighten his grip on the match by making it 4-1.
Ruslan looked a bit in discomfort after he sustained a shoulder injury in the process.
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In the last round, Amit twice dragged his opponent out of the mat to take complete control of the match. He then put on a fine display of attacking moves to take a 4-0 lead.
With 30 seconds left, injured Ruslan conceded the match as he looked in unbearable pain. Amit won the bout 0-1 4-4 4-0 and will face Mongolia's M Ganzorig in the finals.
Praveen (74kg) lost in the quarterfinals of the 74kg freestyle event, while Pravesh (96kg) failed to clear the first hurdle in the championships.