The pace of privatisation of India's state owned assets has been defended by the minister in charge.

Arun Shourie told the BBC's World Business Report that privatisation was generally a slow process and he didn't believe the country's programme was taking longer than similar schemes in other countries

Arun Shourie wants foreign competition

Foreign companies have been deterred from investing in India because of the slow pace of reform and the time and bureaucracy involved in buying into Indian firms.

But Arun Shourie said the privatisation process was not the only way India was opening up its economy.

He said steps were also being taken to reduce limits on foreign investment.

Complications

Arun Shourie said privatisation has taken 10 years in most countries.

"One of the tricks is to lead people to expect so little that when you do it they are all very surprised and happy," he said.

Mr Shourie insisted it was government policy that there should be international competitive bidding as state-owned companies were sold off.

But he said he was "not that unhappy" that international bidders had yet to be successful.

"That would add to the complications that yes, assets have been sold to foreigners," he added.

"They [foreign companies] should compete, that helps the bidding process but if an Indian firm beats them, not bad at all," he said.

Success

India's plans to sell off state owned enterprise have been long in the making.

Dr Manmohan Singh first touted the idea when he was economy minister ten years ago but since then progress has been slow, hampered by too much red tape and state control.

But there was a notable success this year when the government managed to sell off a chunk of the car company Maruti to Japan's Suzuki.