What is ISRO's new SSLV and why is it important?

This month, a small glitch derailed an ISRO plan to place light-weight satellites into orbit. For the Small Satellite Launch Vehicle it was the first assignment and there is a lot in store for it                                                                                                                  

 A market for launching small satellites into low Earth orbits has emerged in recent years. It is driven by the needs of developing countries, universities, and private corporations. The SSLV aims to cater to this market. After the Polar Satellite Launch Vehicle and Geosynchronous Satellite Launch Vehicle, the SSLV is ISRO’s third launch vehicle.