Shami was named in the squad that toured Australia but a hamstring injury meant he returned home without bowling a ball Down Under.
His selection for the March 8-23 World T20 is also subject to fitness.
"It will be a bit of risk (including Shami). However, this format is short so (he can bowl four overs). More than a month is left for World T20 and he will get a fair bit of bowling in the Asia Cup too," Gavaskar told NDTV referring to the bowler who has not played for India since the 2015 World Cup.
"This is a good team, in my view a leg-spinner would have given more options but selectors have stuck with the same team. The balance of the team in Australia was terrific and that balance hasn't changed. In fact inclusion of Negi and Shami has strengthened the squad," he said.
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One notable name missing from the squad was of Manish Pandey, who was named in the Sri Lanka series after a match winning effort in Australia. Gavaskar had comforting words for the stylish batsmen.
On M S Dhoni being named captain for the tournament well in advance, Gavaskar said: "Selection committee has shown faith in MS Dhoni and this will give him confidence. When a vote of confidence is given by selection committee, than he can focus on getting the team right.