gslv mk3
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They lack long-term vision.
Many projects are just a hype and driven by populism.
The problem isn't vision but the funding. Which would have to be given a boost, given that the larger share of operational launches (GEO satellites) will cause a funding crunch for R&D projects.
http://www.thehindu.com/multimedia/archive/02248/Forerunner_of_ISRO_2248394a.jpg