The Ministry of Shipping (MoS) has approved a set of guidelines for the implementation of the shipbuilding financial assistance policy. An institutional mechanism has also been created within the ministry for redressal of grievances related to the policy. The policy was approved by the Union cabinet in December 2015 and aims to provide financial assistance to Indian shipyards for shipbuilding contracts signed between April 1, 2016 and March 31, 2026. It involves the grant of financial assistance to shipyards after ship delivery (to counter cost disadvantages) at 20 per cent of the contract price or the fair price, whichever is lower. This assistance will be reduced by 3 per cent every three years. However, only those vessels which are constructed and delivered within a period of three years from the date of contract shall be eligible for availing of this financial assistance. In the case of specialised vessels, the MoS may grant in-principle approval for construction and delivery of such vessels within a specific period even beyond the aforesaid three years, but not exceeding six years.