Narendra Singh Tomar

The central government will also contribute an equal amount to the pension fund to be managed by the LIC, which will be responsible for the pension payout, it said.

For more details on the schemes and plans for farmers under the Modi 2.0 government, watch Moneycontrol's Tarun Sharma in conversation with the newly inducted Union Minister.

Piyush Goyal, who assumed the charge of Mines Minister today, said he will work towards increasing the share of the mines and minerals sector in the GDP by 1 per cent in the next 2-3 years.

Speaking to CNBC-TV18, Narendra Singh Tomar said that the steel and mines is key for the growth of the country‘s gross domestic product (GDP) and the government is looking closely at the steel industry and will intervene when required.

Yielding to steel ministry requests, the government on Wednesday hiked import duty on long steel products from 5.5 percent to 7.5 percent and that of flat steel product from 7.5 percent to 10 percent. The import duty on stainless steel products remained unchanged.

Speaking exclusively to CNBC-TV18, mines minister Narendra Singh Tomar re-iterated that MMDR Bill is important for mining sector and will promote jobs.

The rules and modalities of the auction would be brought out soon in consultation with the states and it cannot be done in a hurry, said Mines and Steel Minister Narendra Singh Tomar.

Modi inaugurated the 'Pt Deendayal Upadhyay Shramev Jayate Karyakram' organised by the Labour Ministry which will feature a day-long conference of labour, employment, health and vocational training ministers of the various state governments.