They bettered the previous record of 3:02.62 s set at the 1998 Asian Games in Bangkok.
Meanwhile, the Indian women's 4x400m relay team, who are the reigning Asian Games champion and record-holder, clocked 3:30.16sec and jumped to world No 12 in the rankings, to emerge as strong contenders for a qualification berth for the 2016 Olympic Games.
Earlier, the Indian team management decided to field two teams each in both the relay events for more options. The men's second team (B team) clocked 3:06.61 s while the women's second team (B team) finished with a timing of 3:34.45s.
As per the IAAF regulations, only the top-16 teams as per qualification norms and word rankings under a stipulated period, will be eligible for participation in the relay events at the Rio Olympic Games.