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"There is need of generating strong domestic demand till robust recovery takes place all over the world, particularly the developed economies", he said at the India Economic Summit.
The minister was also hopeful that economic growth would touch 9-10 per cent towards close of the 11th Five-Year Plan ending 2012.
As Europe, North America and Japan account for more than 60 per cent of Indian exports, he said, it would not be easy to make for the loss in exports to these destinations.
India's exports, which account for about 17 per cent of the Gross Domestic Product (GDP), have been declining for the last one year.
Prime Minister Manmohan Singh had said on Sunday that the government would take appropriate steps for winding down the series of stimulus packages next year.
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Through the hospitality of THE FINANCIAL EXPRESS, I request the Union Finance Minister to permit people to encash their National Savings Certificates (NSCs) at post office prematurely. This will help the middle classes to find some means to meet their various expenses, viz. medical expenses, payment of tuition fee for children's education, repair of houses, etc.