Prakash shot 180.2 points and outdid 2010 World Champion Tomoyuki Matsuda of Japan, who finished fourth with 158.7 points.
This is Prakash's first ever medal in an ISSF competition. He had also finished eighth at the men's 50 metre pistol final. The 37-year-old shooter had never made it to a final round before this tournament.
Another Indian shooter Jiturai finished seventh in the same event with a score of 97.4.
The gold was won by Vietnam's Xuan Vinh Hoang, the 2012 Asian champion, with a total score of 200.8 points while the silver went to China's Wang Zhiwei, the 2012 Olympic bronze medallist, who shot 200.1.