The Australian captain said, "We lacked in consistency with the bat. We are losing wickets very consistently and that's not good enough. The top four need to stand up and take control of the match."
Smith also said that poor decision-making under pressure led to the big defeat.
Talking about his performance, the 28-year-old said, "I would love to score a lot more runs. As the leader of the team, it is disappointing, but that's cricket. You have that experience, but you are not getting the score you like. I hope to turn it around and contribute in the T-20s."
While Rahane missed on a well deserved century as he got out at 61 (74), Rohit struck his 14th ODI ton as he smashed a terrific 125 run inning to seal the victory for his team.
The Mumbaikar smashed 5 sixes and 11 boundaries in his 109-ball knock.
Electing to bat, Aaron Finch and David Warner of the Baggy Greens shared 66 runs for the opening stand.
Hardik Pandya provided the Men in Blue with the important breakthrough, getting Finch caught at mid-off by Jasprit Bumrah at his individual score of 32.
Skipper Steve Smith, who came in next, didn't stay long at the crease and was caught in front of the wickets against Jadhav 16 (25).
Patel was pick of the Indian bowlers as he picked three wickets for 38 runs, followed by Bumrah who returned with figures of 2-51. He was well supported Kuldeep Yadav who couldn't pick any wicket but kept pressure on the Australian batters.