Economic development entails developing high technology
Don't people get it ? India isn't going to bring broad prosperity to the masses by making cheap T shirts. It needs to develop a domestic high technology (including aerospace) base, develop and cheaply launch satellites that beam education material, weather and hydrological data to its remote villages. It's laughable that westerners, who owe their wealth to their industrial and technological development turn Luddite when it comes to the developing world.
As far as three stage rockets go, the PSLV and GSLV heavy lifters (which can respectively haul 1ton and 2.5 ton payloads to GTO) have been launched well over a dozen times now. This is their third launch this year, and there will be two more - the next being a Israeli spy sat later this month, and in October an oceanographic and meteorological analysis sat meant to augment the ability to study and forecast rainfall patterns - which matters when a significant part of the agricultural land is rainfed. Two of the five launches this year are of foreign military/commercial payloads.
I don't see why this is particularly important news at all. The ISRO has been launching these rockets for over a decade now, and have lofted German, Italian, Belgian and Korean satellites over the years.