"If there is anyone who can equal Lara's record, it is Sehwag," Natwar Singh said at a cricket book release function.
Lara recently became the first batsman to breach the 400 barrier in Test cricket. His 400 not out against England is the highest Test individual score.
Sehwag registered the first triple hundred by an Indian when he made 309 against Pakistan in the first Test in Multan in March-April.
The Minister also said a SAARC cricket team with players from India, Pakistan, Sri Lanka and Bangladesh would prove to be an unbeatable combination.
"If a SAARC team is formed it can give the Rest of the World team a run for its money," he said.
He also said Pakistan Cricket Board (PCB) chairman Shaharyar Khan was a close friend of his. "I will meet Shaharyar Khan and other friends in Pakistan when I go there," he said.
"Cricket was given to us by our former rulers. Now we are better at it than they are," he added.