Kakara lost 1-2 to Kazakhstan's Shalkar Aikhynbay in the last-four stage to settle for a bronze after earlier securing a ticket to the Youth Olympics by going beyond the quarters.
It was a evenly-fought bout. The Indian lost the opening round but came back to clinch the second before falling short in the last round to go down in a split decision.
"Shyam fought very well, the Kazakh could not quite connect his punches to him but still a loss is a loss. The only positive is that he managed to qualify for the Youth Olympics," team's coach Ramanand said.
It is a markedly disappointing show by the Indians, who were competing under the International Boxing Association's (AIBA) flag due to the federation's international termination.
The country's boxers had brought home a silver and a couple of bronze medals in the previous edition in 2012 in Armenia. India's last gold medal in the event came in 2010 when Vikas Krishan finished on top.
After Wednesday, the only Indian interest left in the tournament is the fate of Gaurav Solanki (52kg). Solanki failed for a second time to qualify for the Youth Olympics after losing in a box-off on Tuesday, but will have another shot at notching up a quota place on Thursday.
The Indian had initially lost in the quarterfinal of the ongoing Championships, where the boxers have to make at least the semifinals to get direct qualification for the Youth Olympics.
Two quota places are being decided by box offs between four losing quarterfinalists. It is Solanki's good luck that only three of the four in his category turned up for the mandatory weigh-in on Tuesday.
Owing to that situation, the Indian will get to fight it out once again for a place in the Youth Olympics, scheduled to be held in Nanjing, China from August 16 to 28. Solanki will face Brazil's Carlos Silva, who was lucky to get a bye in the box off draw.


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