The Jamaican currently holds world records in the 100m, 200m and 4x100m with times of 9.58s, 19.19s and 36.84s respectively
However, Waugh believes this time around, Australia will be favourites against the World No. 1 team.
"India has the best fast bowling line-up in the world when cricket is played in India, but Australian fast bowlers are deadly in Australia. When India come to Australia, the Aussies will have a slight edge," Waugh said on the sidelines of the Laureus Awards ceremony.
"But, both teams know that the personnel they have at their disposal, they can take 20 wickets," he added.
The former Australia skipper reserved rich praise for Jasprit Bumrah, saying the Indian speedster is a unique talent.
"He is exceptional. He is a unique talent. It's great that he wasn't coached styles because a lot of coaches would have told him 'you need to run in quicker, or you cannot bowl that way'. They've let him to be natural, which is fantastic," Waugh said.
"He is an incredible asset for India, great stamina, accuracy, pace - he has got everything. He also seems to have pretty good temperament. He loves challenges and loves leading the attack. Virat Kohli is very lucky to have him in the attack," he added.
India, during their 2018-19 tour of Australia, had rejected Cricket Australia's proposal to play a pink-ball Test. However, in their next tour Down Under, both teams will feature in a Day-Night Test. India will play four Tests on the tour, with one among Brisbane, Adelaide and Perth in line to host the day-nighter.
The Jamaican currently holds world records in the 100m, 200m and 4x100m with times of 9.58s, 19.19s and 36.84s respectively
Total property income posted year-on-year growth of 10% to $74m, highest value ever
All official donation channels however remain open through the outlets announced by government agencies
The Starlight Park is a four-building freehold community in Meydan
The 22-time major champion admits his farewell tour hasn't been as enjoyable as he would have hoped
Eating out, poor hand hygiene and erratic weather may be among causes, say medics
The goal-scoring striker is suffering from a muscle injury sustained during the Champions League quarter-final loss to Real Madrid
Lieutenant General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police, made the announcement on Wednesday