After a blank first-half, Punjab took the lead through Prabhdeep Singh in the 36th minute before Air India scored an equaliser a couple of minutes later when Vinaya Vokkaliga (38th min) converted a penalty corner.
With the regulation period ending in a 1-1 deadlock, the extra-time was enforced and in the second minute, Gurbaaj Singh's hard hit from the right went into the goal off defender Joga Singh's stick.
Earlier on the day, Karnataka beat defending champions champions Haryana 2-1 to finish third in the tournament.
Karnataka scored once in each half through MB Aiyappa and skipper VR Raghunath. While Aiyappa struck in the 24th minute from a goalmouth scramble following a left-wing move, Raghunath converted a penalty corner in the 41st minute.
Haryana captain Sardar Singh scored with a reverse hit in the 60th minute to reduce the margin.
Prabhdeep Singh was adjudged Man of the Final, special awards were presented to Arjun Halappa of Air India (Best Forward of the tournament), Gurjinder Singh of Punjab (Best Defender of the tournament) and MB Aiyappa of Karnataka (Upcoming Player of the tournament).
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Karnataka Chief Minister, Jagadish Shettar was the chief guest on the occasion.
Punjab, bronze medallists last year, were worthy winners of the trophy given the abundant talent in the side, besides the presence of youngsters.
Air India, who were rather lucky to have made the final after a close 3-2 win over Karnataka yesterday, played as well as they could, but on the day, their best was not enough.
In the first half both the teams had their fair share of scoring opportunities, but neither of them were able to convert the chances successfully as the emphasis was more on caution rather than all-out aggression. (MORE)