"It is a significant honour to launch a cricket book on the soil of the greatest cricketing nation in the world," Ray said.
"The book has been coined as much for reading pleasure as for reference. I hope people find it to be as enjoyable and useful as I have relished writing it," he added.
Jain congratulated Ray on writing the book and Bloomsbury for publishing the work.
"I have great pleasure in launching this book in Australia," said Jain.
"The Cricket World Cup: The Indian Challenge is a thoroughly accomplished and timely book for both Australian and Indian cricket fans."
Bloomsbury Publishing hosted the launch in conjunction with Pitcher Partners and with support from Air India.