Down 0-3, the Indian colts made a strong comeback, courtesy a hat-trick from Varun to take the game into a shootout after regulation time.
The two teams were the ones with the strongest defences in the pool stages, India conceding seven goals, and Victoria nine.
In the first quarter both teams focussed on organising their defence and controlling the midfield.
Locked in a stalemate after the first quarter, the Vikings were the ones to strike first when Chris Ciriello converting a penalty corner in the 20th minute.
India secured a penalty corner soon but Varun's flick was smartly parried away by Durst Johan in the Vikings goal.
In the final minute of the quarter, Ciriello scored his second penalty corner of the game to give Victoria a 3-0 lead heading into halftime.
India had several chances to pull a goal back in the third quarter but to no avail.
A brilliant passing move at the top of the Victorian circle saw Ajit Pandey drag his shot high. Minutes later Durst was in action again, pulling off a smart save from Anand Lakra's bursting run and shot from the top of the circle. Off the rebound, Durst smothered Parvinder Singh's shot illegally, which earned India a penalty corner but Victoria saved the first attempt, but were penalised with another.
Simranjeet Singh's green card early in the final quarter
handed India a disadvantage, but it didn't matter as they pushed forward in search of goals to get back into the game.
Armaan Qureshi came closest after picking up a pass from Dipsan Tirkey inside the circle and turnin, only to shoot wide.
With six minutes left in the game, India won another penalty corner and this time Varun didn't need a second invitation, dragging his shot perfectly into the bottom left corner, to reduce the margin to 2-3.
Victoria went a man down in the final minutes courtesy Tim Cross's yellow card and the juniors made the most of the numerical advantage, constantly attacking the Vikings circle.
With a minute to go, Harjeet Singh had a shot from the top of the box, but Durst parried it away. It was to be the final bit of action as the two teams went into a shootout for a place in the final.
India will be playing for the bronze medal on October 9.
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