Amandeep (60th minute) saved India with a last minute strike after Boby Singh Dhami (2nd), Sharda Nand Tiwari (8th, 35th) and Arijit Singh Hundal (18th) found the Australian net.
Liam Hart (3rd), Jack Holland (8th), Joshua Brooks (20th, 41st) and Jake Lambeth (49th) were the goalscorers for Australia.
Australia leads the standings with 10 points from four matches, while India is in second place with two wins, one draw and one loss.
India defeated host Malaysia 5-2 in their opener, lost 4-5 to South Africa and defeated Japan 5-1.
Against Australia, the Indians got off to a great start with captain Uttam Singh reaching the baseline and passing the ball for his deputy Dhami to score from their very first move.
But less than a minute later, Australia equalized via Hart.
Shortly afterwards, Australia shot forward as the Netherlands found the back of the Indian net to register their first goal of the day.
But Australia’s lead didn’t last long, as Tiwari’s sharp shot from a penalty corner tied the score.
The second quarter also started at a brisk pace, with Dhami looking to beat the Australian defense in the early exchanges.
The pressure paid off when Hundal deflected a pass past the Australian goalkeeper and gave India the lead again.
Minutes later, India goalkeeper Mohith Shashikumar conceded a penalty and Brooks made no mistake to make it 3-3 at halftime.
After the substitution, India continued chasing the goal and it took them five minutes to succeed when Tiwari converted another penalty corner with conviction.
However, the lead was wiped out in six minutes when Brooks’ penalty corner made it 4-4.
Four minutes into the fourth and final quarter, Australia got their noses ahead with Lambeth’s penalty corner conversion.
India came out blazing for the equalizer and Amandeep saved his side by finding the net seconds before the final horn.
India will play their fifth game against Great Britain on Friday.