The document discusses how institutional factors have limited the success of privatization efforts in India. It outlines four key factors for privatization to succeed - commitment, competition, transparency, and mitigation. India scores well on competition and transparency but lacks commitment and mitigation. The process of privatization in India is lengthy and bureaucratic, involving many committees and administrative bodies, which has resulted in slow progress and low proceeds from privatization sales. For privatization to have been more successful, India needed an appropriate institutional mechanism but this was not established.