"We must never be happy with what we have achieved. We never restrict ourselves because when you put restrictions on yourself, you cannot achieve great things," said Ponting, who was here on a private visit.
Australia are currently number one in both Test and one-day rankings. They made history in April when they claimed the World Cup in the Caribbean for a record third successive time.
The team is unbeaten in their last 29 Cup matches from 1999, with their last 22 wins coming under Ponting's captaincy.
In contrast, India bowed out of the World Cup in the opening round, leaving millions of their fans disappointed.
Ponting said India must learn to handle pressure.
"India are playing under a lot of mental pressure. They must learn how to cope with it," said Ponting.
India are now searching for a new coach after Australian Greg Chappell quit following the team's first-round exit from the World Cup.
Ponting believed that an Australian coach could do a good job in India.
"I think Tom Moody has done some terrific job in Sri Lanka, leading them to the World Cup final and I can't see why an Australian coach could not fit and do a good job here," said Ponting.
He said his team were keen to do well in the inaugural Twenty20 World Cup in South Africa in September, but believed the latest format would test the players in an already-crammed international schedule.
"I've never been a big fan of Twenty20 cricket, but I gather there's a lot of interest and money in this version of the game," said Ponting.
"We need money for the growth and development of the game. That said, the international calendar is packed these days and on top of that Twenty20 cricket won't do much for the players.
"We have a world championship coming up and we are hoping to do well. I guess once we have some of these Twenty20 tournaments going, probably it'll replace a few of the one-day tournaments."