The win is sure to act as a morale booster for the Indian team, which is witnessing a transition phase after new chief coach Paul van Ass took over from Terry Walsh barely a month ago.
The third place finish also marks a relatively good beginning for Van Ass, who was in his maiden assignment with the Indian team.
For India, who had earlier drawn 1-1 with Korea in the league stages, the victory came on the back of a stunning 4-2 win over world champions and title holders Australia yesterday at the Azlan Shah Stadium.
India's vice-captain and goalkeeper P R Sreejesh had a fantastic day under the bar as he not only made numerous saves in the entire 60 minutes, but also turned out to be India's hero in the shoot-out, denying two Korean efforts to help his side register the much-needed victory.
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The only blemish for India today was penalty corners. The Sardar Singh-led side failed to secure a single set piece but their backline as usual crumbled under pressure and gave away seven short corners.
It was India who had the first shy at the goal in the sixth minute but Akashdeep Singh shot wide after a scramble inside the circle.
Three minutes later, Korea secured their first penalty corner but Nam Hyunwoo's effort couldn't get past the defence of an agile Indian goalkeeper, Sreejesh.
The Indians took the lead in the next minute through last match's hero Nikkin. Dharamvir Singh started the move and passed the ball to SK Uthappa, who beat a few Malaysian defenders to enter the circle from the right flank and then neatly pushed the ball towards Nikkin and he made no mistake in slapping the ball home from close range.