New Delhi, May 15 : The Union government on Thursday decided to set up a Science and Engineering Research Board (SERB) to promote basic scientific research.

The Board will aim to enhance the level of basic research, impart necessary autonomy, flexibility and speed up the research and delivery of funds to researchers. The decision was taken in a high level meeting chaired by Prime Minister Manmohan Singh.

Finance Minister P Chidambaram said that it would be a high-level empowered body with necessary administrative and financial autonomy chaired by Secretary of Department of Science and Technology. It can sanction individual projects upto Rs 75 crore with the approval of the Ministry of Science and Technology, he added.

On policy matters, the Board will receive necessary guidance from an Oversight Committee chaired by a scientist of international repute, he said .The body will be relevant in view of rapid changes in the basic scientific research at the global level with increasing competition every day, he added.

A Science and Engineering Research Bill will be introduced in Parliament and the board will be constituted under the Act, Chidambaram said