His comments follow the blockbuster fourth Test between India and Australia that drew a record 373,691 spectators to the Melbourne Cricket Ground over five enthralling days.
That beat the previous record of 350,534 at the same ground during the 1936-37 Ashes series against England, when Donald Bradman ruled the sport and Tests were played over six days.
Shastri, now a commentator, said he could not remember "a bigger advertisement for Test cricket" and said it proved the five-day game continued to hold its own in the face of ever-increasing T20 franchise cricket.
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