"I've said it for a long time, he's probably been the best multi-format bowler there's been in world cricket for the last five or six years," Ponting said in a conversation with ICC.
"There might have been some fears a couple of years ago when the injuries come in and 'would he come back the same?', but I think he's actually come back better," Ponting continued.
"The greatest way to always get a real gauge on these players is by asking players.
And when you talk to opposition batsmen about him (Jasprit Bumrah) in particular, it's always, 'No, he is a nightmare! You never know what's going to happen." Ponting explained.
"One's going to swing, one's going to seam, he's going to bowl an in-swinger, he's going to bowl an out-swinger," he continued.
Bumrah has not played international cricket since the final of the ICC T20 World Cup in June in which India beat South Africa to lift its second T20 World Cup trophy.
The fast bowler was one of the linchpin of India's success as he picked 15 wickets, second highest in the tournament, at an economy of 4.17.
Ponting lauded Bumrah's skillsets and hoped that he played as long as the likes of Glenn McGrath and James Anderson to be considered as a truly legendary bowler.
"When you've got that skillset and the consistency that he has, then you're going to be a great player. Look at (Glenn) McGrath, look at (James) Anderson, these guys, their longevity and their skills being able to hold up for such a long period of time is what separates them from the rest," Ponting concluded.