Explanation:

The SSLV (Small Satellite Launch Vehicle) aims to cater to the market for the launch of small satellites into Earth’s low orbits(not geostationary orbit at present) that has emerged in recent years to cater to the needs of developing countries, universities for small satellites, and private corporations.

• New Space India Limited (NSIL) is to mass-produce and manufacture the SSLV and the more powerful PSLV in partnership with the private sector in India through technology transfers. 
• Its aim is to use research and development carried out by ISRO over the years for commercial purposes through Indian industry partners.

Hence only statement 2nd is correct.