Chasing a 226-run victory target, India slumped to 97 for four inside 25 overs before Chand (111 not out) and Smit Patel (62 not out) added 130 runs for the unbroken fifth wicket to romp home with 14 balls to spare.
Chand hit seven boundaries and six sixes in his 130-ball knock, while Patel proved the perfect foil hitting four boundaries in his gritty 84-ball knock.
"Townsville has been amazing to us. Today we have set no limit for ourselves. If we create some nuisance, please forgive us," a beaming Chand said after the victory.
Earlier, Sandeep Sharma took four wickets as Australia scored 225 for eight, a total built largely around skipper William Bosisto's unbeaten 87, after being put in by the Indians.
Bosisto, however, was guilty of dropping his Indian counterpart at mid-wicket when Chand was on 84.
Patel too benefitted from sloppy Australian fielding and was dropped by wicketkeeper Jimmy Peirson when on two.
Chand, adjudged man of the match, became the third Indian captain to lift the trophy, joining Mohammad Kaif (2000) and Virat Kohli (2008).
Soon after the victory, Board of Control for Cricket in India (BCCI) announced Rs 20 lakh cash award for each player and Rs 15 lakh for support staff members.
"We won the 'senior' World Cup last year, and now our boys have triumphed in the junior version of the tournament. This is a great day for Indian cricket," BCCI president N Srinivasan said in a statement.
COMMENTS (14)
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Double world cup for india. Top level and junior level..
A lot of people were trumpeting Pakistan to win this one, just like in hockey during olympics. Why do you have to raise hopes so high for them to be only dashed later?
WC Champion 2011, U-19 WC Champion, Expected T20 Champion !! Indiaaa, Indiaaa, Sachiiin Sachiiin !!!
2 hours...and not a comment yet? :)
Unmukt Chand, Baba Aparajeet and Harmit Singh will definitely play for India one day. Especially Unmukt Chand, for he's a real talent. Great show guys, we are proud of you :-):-):-)
Fixed Result?
Congrats young boys. Keep it up.
well done India keep it up
Congratulations India!!! Oh boy this Mr Chand is 2nd Kohli. One more gem coming to Indian side and future of India cricket looks great..
Congratulations to Indian team. Chand is a true leader and proved his mettle in Australia by playing innings of his life in the final. Unfortunately for our team it played like like a rented team. India team has several has several players ready for senior level and we have zero.
Beating those aussies at home, congratulations! I'm sure all the cricketing nations must have prayed for you today!
on one hand pakistani youth failed to have anything in u19 indian youth cricket team is leading its way be it regular cricket one day or u19
And naw pakistan is jealous.!!