Sriharikota's launch pads and the approved Third Launch Pad
Background
The Union Cabinet approved the establishment of the Third Launch Pad (TLP) at the Satish Dhawan Space Centre of ISRO at Sriharikota, Andhra Pradesh. Indian Space Transportation Systems are, as the release puts it, completely reliant on two launch pads, the First Launch Pad (FLP) and the Second Launch Pad (SLP). The FLP was realised for PSLV and continues to provide launch support for PSLV and SSLV; the SLP was established primarily for GSLV and LVM3, also functions as standby for PSLV, and is getting ready to launch the human rated LVM3 for the Gaganyaan missions. The Third Launch Pad is meant for the Next Generation Launch Vehicles of ISRO and also to support as standby launch pad for the Second Launch Pad, and is to be built with maximum industry participation. The total fund requirement is Rs. 3984.86 Crore, and the TLP is targeted to be established within a duration of 48 months or 4 years. The release ties the decision to the expanded vision of the Indian Space Programme, including the Bharatiya Antariksh Station (BAS) by 2035 and an Indian Crewed Lunar Landing by 2040.
In plain words
NGLV Next Generation Launch Vehicle — ISRO's planned heavier launch vehicle family with new propulsion systems.
Standby launch pad Standby launch pad — A second pad kept able to take over a vehicle's launches if the main pad is unavailable.