The Economic Times (India) is reporting ISRO (Indian Space Research Organization) scientists are developing a nexgen launch vehicle that should reduce the cost of placing satellites into orbit.

The new year will see a series of tests in the development of the Geosynchronous Satellite Launch Vehicle (GSLV) Mark III, which is expected to become active in 2010 to 2011. The new rocket, which can place a four-ton satellite into orbit, will help Antrix Corporation (the ISRO’s commercial arm) to offer less expensive space launches in the niche market. The regular GSLV can put 2.2 ton satellites into orbit. The GSLV Mark III will also help ISRO send more Indians into space, with the agency planning to send two Indians on a week-long space sojourn in 2015. With GSLV Mark III, ISRO can plan to send probes to Mars and to consider other inter-planetary missions,. The ISRO has already announced the launch of a mission to Mars in 2013 using the regular GSLV, which is capable of carrying a 500 kg payload to the Red planet.

According to ISRO chairman G. Madhavan Nair, Antrix Corporation made Rs 1,000 crore this year by launching and building satellites for foreign firms and institutions. “We hope to grow at the rate of 20 percent every year,” Mr. Nair said. The ISRO developed the just launched W2M communications satellite for Eutelsat. The 3.5-ton satellite was launched by an Ariane rocket from Kourou in French Guiana. ISRO crossed key milestones last year with the successful launch of Chandrayaan-I in October and, earlier in April, placed into orbit 10 satellites on a single Polar Satellite Launch Vehicle (PSLV), becoming the first country to achieve the feat. Of the 10 satellites, two — Cartosat-2 and an Indian Mini Satellite — were developed indigenously, while eight nano satellites are owned by international customers.