New Delhi/IBNS: Prime Minister Narendra Modi on Monday said the Union Budget, which will be presented by Nirmala Sitharaman on Tuesday, will "set the tone and trajectory for the next five years".

Speaking to the reporters, the Prime Minister said, "The budget we present tomorrow marks a crucial milestone in our journey of Amritkaal.

"This budget will set the tone and trajectory for the next five years. It will play a pivotal role in shaping the destiny of our nation, propelling us towards achieving our vision of a developed India by 2047."

Modi added, "As the sacred month of Sawan commences, I extend my warm wishes to all citizens on this auspicious occasion!

"Coinciding with the first Monday of Sawan, the Monsoon session of Parliament begins today. The nation eagerly anticipates a productive and fruitful session, hoping for constructive debates, innovative ideas, and significant progress towards realising the dreams and aspirations of the people."

The Budget session will run till August 12.

Earlier, in February, an interim budget was presented in Parliament on February 1 ahead of the Lok Sabha elections.

There is considerable anticipation and speculation that the Union Finance Minister may introduce certain benefits for taxpayers under the Modi 3.0 government.

One anticipated benefit is an increase in the standard deduction limit, which many experts believe is overdue.