The victory is all the more praiseworthy as Australia colts had senior team paceman Pat Cummins in their ranks.
Chand countered Cummins with aplomb while slamming nine fours and six sixes during his 127-ball knock, as India chased down the target of 195 with a little more than seven overs to spare at the Endeavour Park.
Chand had smashed 94 in India's 63-run win over England in the semi-final of the tournament and looked in fine touch in the final too, and even Cummins, who took five wickets in his Test debut in South Africa, could not trouble the batsman.
Opting to field after the coin landed in their favour, India rode on Sandeep Sharma's four-wicket haul to restrict the hosts to 194 for nine in the stipulated 50 overs.
Harmeet Singh took two for 33 in his quota overs while there was a wicket each for Kamal Passi, Vikas Mishra and Baba Aparajith.
Opener Meyrick Buchanan (59 off 68 balls) and lower-order batsman Sam Hain (41 not out) were the major contributators for the Australia Under-19 team.
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Chasing a modest target, India were dealt a blow early as they lost opener Akhil Herwadkar to Cummins.
India received another jolt when Cummins had Manan Vohra caught by Travis Head.
But there was no looking back after the two early setbacks as Chand went about the task in a calculated manner.