"The final version will take at least 10-15 years to get ready." This was at the bottom of the Hindu article. How does this compare with SpaceX and Blue Origin's timelines ?
SpaceX is within 1-2 years of the Falcon Heavy; same timeline for the Dragon 2 capsule (reusable) for carrying humans into and out of space. Blue Origin's timeline to orbit is a quite a bit longer and filled with a lot more question marks. With that said, there is value for India in having their own cheap space launch system which can't be blocked off by the US on a whim.
I agree. Even if the launch vehicle were to fail, there's a large amount of value for India in building up the significant infrastructure (both technological and intellectual) involved in having broad space capabilities. In the next five or so years India will pass France to become the fifth largest economy in nominal terms; in the next 15-20 years they'll probably overtake the UK, Germany and Japan to move into third place. It definitely makes sense for them to keep investing in space regardless of the outcome on something like this vehicle.