The 18-year-old lifted a combined weight of 295kg (136kg in snatch and 159kg in Clean and Jerk). Gareth Evans of Wales claimed gold with a combined weight lift of 299kg in the event while Sri Lanka's Indika won silver with a lift of 297kg.
India now has four medals at the Gold Coast Games and all four have come from weightlifting.
Earlier in the day, weightlifter Khumukcham Sanjita Chanu won India its second gold medal at the Games by outshining in the women's 53 kg category event.
Sanjita's Gold comes a day after her Manipuri teammate Saikhom Mirabai Chanu bagged country's first gold in the women's weightlifting 48 kg category event.
Elsewhere, on Day 2 of the Games, India beat Malaysia 4-1 in Women's Pool A match.
In boxing, India's Naman Tanwar defeated Haruna Mhando of Tanzania to reach the quarter-finals in men's 91kg category.
Para-swimmer Kiran Tak finished last in the women's S9 100m backstroke heats.
Indian women's gymnastics team of Pranati Nayak and Aruna Budda Reddy logged 13.250 and 13.200 points in the vault and will know later in the day if they have made it to the medal round. (ANI)