Australia's visit to India early next year, Waugh said it is going to be an "interesting series".
"In Delhi, can't say Australia can win, can I? No, it is silly. It is just like saying Tendulkar should get retired, of course he should play on, when are you in India. It is interesting for both teams. I think by that time Australia may be more developed than India. Because India are starting to turn the things now and Australia have started their process 12 to 18 months ago. It will be a close series," Waugh said.
Waugh, who is considered as one of the most successful skippers, however maintained that the result of the forthcoming series will depend on lot of factors.
"It depends, I guess a lot on people like Tendulkar whether he is still around. India is coming to a stage pretty shortly where things are going to be a little tough for them for the next couple of years, when they have this new side coming around and legends of the game are no longer there.
"The good sign is that Dravid, Laxman, Ganguly are not there and the side is still playing well. That tells you India has got a lot of depth in their cricket system," Waugh said.
On Australia's ongoing battle with South Africa, Waugh said a draw in the series will be a good result for the Aussies.
"It was good time for Australia to do well in the first Test, they were the underdogs. Micheal Clarke has done well as the captain. Ed Cowan, his century was important for Australian cricket. Australia will have their work cut-out in Perth, the conditions there will suit South African bowlers.
If we come out with a draw in this series it will be a good result for the Australia," the Australian said.
Talking about the various innovations used in today's game, Waugh said: "I think if you don't innovate, you can't stay ahead of the opposition. As a cricket team you need to be innovative in your approach."
"Innovation is the key, if you don't innovate and stay still, the opposition goes past you,"