Fledgling private space launch company SpaceX has successfully put its Dragon space capsule in orbit and retrieved it:
Indications are that this COTS-1 mission exceeded expections, with no reported failures or significant deviations from predictions. With this success in hand, SpaceX plans to proceed towards the COTS-2 mission, on which the capsule will approach the International Space Station, and may or may not dock with it, depending on NASA's approval. SpaceX is currently developing its solution to re-supply the International Space Station as part of NASA's Commercial Orbital Transportation System program.
I would again mention that I think ISRO should consider spinning off its workhorse PSLV rocket to a private operator, which might be able to operate it much more inexpensively, while also gradually incrementally improving the vehicle in its design and technology. On December 20, ISRO will be launching the GSAT-5 satellite aboard GSLV-F06, which will be powered by one of the Russian-made cryogenic engines which India has bought.