"I hate comparisons between players because it unnecessarily creates controversy. Both played under different pressure and for different teams. I would place them pretty much on equal terms," Waugh told reporters during an interaction organised by Brigade Orchards here.
Lara and Tendulkar were unbelievable players, who won games for their teams, playing under different conditions, Waugh said.
"Sachin was carrying on his shoulders amazing pressure of 1.3 billion people. Brian obviously was the best player in a weak team," he added.
On Tendulkar's retirement, Waugh said all good players ultimately have to hang their boots.
Despite the retirements of legends like Rahul Dravid and VVS Laxman, Waugh said Indian cricket will survive as it has abundance of young talents.
On Mahendra Singh Dhoni's captaincy, Waugh said he has a magical touch and hardly commits mistakes.
"During Australia's tour of India last year, Dhoni came in and scored a double century when India's chips were down. He knows how to perform at the big stage. He has got so much of magical touch," Waugh said.
On Australia's chances here in October, Waugh said India is a fantastic team.
"India has always been a favourites at home. At the moment we are struggling a little bit," he said.
About Australia's opposition to DRS for many decisions going against them in the ongoing Ashes series, Waugh said the system is pretty good.
"We are getting more decisions right than wrong and I think it is a positive development," he said.
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