I wonder if there has been any progress in the privatization plans for PSLV and the manufacturing of communication satellites. Haven't heard much on it after the initial announcement from Radhakrishnan some time back. The transitioning of comsat manufacturing appears to be easier of the bunch, and being mostly a commercial venture must not be handled by a government agency like ISRO anymore. As for the privatization of launch vehicle manufacturing, methink it makes better sense with the ULV. If they stick with the plan to privatize PSLV, the private consortium could end up with investing a lot on a launch vehicle that will be outdated once the SCE-200 is ready. ULV seems to be a more streamlined design fit for mass production.
Given ULV's purpose of serving as a mission-flexible family of rockets based on a common modular approach, it would make sense for corporates to invest in something with some longevity. But I think India would be heavily influenced by what others in the market are doing, and achieving success with.
Suppose SpaceX's Falcon9Reusable achieves outstanding success to become the gold standard for economical space travel - then I'm willing to bet that it would put fresh impetus on ISRO to move ahead with the TSTO program, which in turn could be privatized at some point.