The GSLV-D5 mission has been carried out successfully, with the indigenous upper stage cryogenic engine working perfectly and delivering GSAT-14 into geosynchronous orbit. Now that ISRO has passed this hurdle and has mastered liquid hydrogen propulsion after 20 years of hard work, India can finally move on to bigger missions, especially once it validates the GSLV Mark-III. The new cryogenic engine will enable missions to geosynchronous orbit, as well as too the Moon and Mars. India will now be fully competitive in the commercial satellite launch market.
It's also worth mentioning that while China also has rockets with cryogenic engines, they only use the less sophisticated and less efficient gas-generator technology. India's cryogenic engine uses staged combustion technology, which is much more advanced, much more efficient and more difficult to achieve. The engine also includes thrust variability and restart capability. ISRO is working to further improve this cryogenic engine, to uprate its performance from the current 73kN to a higher 90kN of thrust.
Ironically, India's next upcoming rocket, the larger GSLV-Mk3 will use the cheaper and less sophisticated gas-generator technology for its cryogenic upper stage engine.