By virtue of this defeat, Odisha, who led 3-1 at the break, had to be content with the runners-up trophy for the second year in succession.
Watched by Hockey India selectors Balbir Singh, Thoiba Singh and Syed Ali, Punjab took lead in the 10th minute with a penalty corner goal by Gurjinder Singh.
Two minutes later Odisha equalised through a field goal from Bikash Kujur. Alsem Lakra (25th minute) and Amonmirash Tirkey then (27th minute) scored in quick succession to put Odisha 3-1 ahead.
But soon after the change of ends, Punjab reduced the margin with a goal by Akashdeep Singh (38th).
Thereafter, Punjab pressed hard and in the 55th minute leveled the scores after Gurjinder successfully converted another penalty corner.
Three minutes later, Mandeep Singh scored the all-important winner for Punjab.
Odisha striker Amonmirash Tirkey was named as the player-of-the-tournament.
"It was a result of good team coordination. All the boys played as per the strategy planned by the coach. Gurjinder also performed well and his game helped us to win this championship," said Punjab captain Satvir Singh.
Meanwhile, Haryana beat Sai Bhopal 2-0 to claim the third spot.
Naveen and Gurjant Singh were the goal scorers for Haryana.
