However, middleweight (75kg) top seed Vikas Krishan settled for a bronze medal after he gave a walkover in the semifinal to fourth-seeded Korean Lee Dongyun.
"Vikas Krishan was not there in the weigh-in today morning, therefore his South Korean opponent walked over to the final," an Asian Boxing Confederation official told PTI.
It is not yet known as to why Vikas gave a walkover in the bout.
The day, however, belonged to Shiva, who notched up a massive win.
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Shiva will next be up against Uzbekistan's Elnur Abduraimov, who defeated China's Jun Shan in his semi-final bout.
Shiva, a two-time Olympian, was off to a guarded start and spent some time getting measure of his rival.
In fact, both the boxers seemed hesitant to launch the first attack in the opening three minutes.
However, the Indian shifted gears in the second round and dominated with combination punches, which scored on both accuracy and impact.
The 23-year-old Assam boxer had won India's last gold medal at the event in 2013 when he was competing in the bantamweight category. He is now one win away from becoming the first Indian boxer to claim two Asian Championship gold medals.
He had won a bronze medal in the 2015 edition in the same weight category. This is his maiden medal-winning international performance in the lightweight division, to which he shifted last year in December.