Australia's 1999 World Cup - winning captain Steve Waugh believes India are the firm favourites to win the World Twenty20 scheduled to be held in India from March 15 to April 3.
Waugh feels India will have the advantage of playing in their own backyard.
"Australia is definitely in with a chance (to win the tournament), a good chance, but India right now would be pretty comfortable with where they're sitting. The subcontinent teams on the turning slow pitches of India will probably hold a significant advantage. India are probably the firm favourites but anything is possible, " Waugh was quoted as saying by cricket. com. au on Saturday.
"If you get some momentum going into the bigger games (and) one or two of your key players finding form then it is possible for any team to win that (World T20). "
The 50 - year - old also heaped praise on present Australia skipper Steve Smith, saying that he has done a fantastic job in the last one year.
"He's (Smith) done a really fantastic job, guys want to play with him, he leads by example and the last 12 months he really hasn't put a foot wrong, " Waugh said.
Smith's captaincy is still in its infancy but he has an incredible record leading Australia in Test matches with seven wins, four draws and zero defeats in his first 11 Tests as skipper.