Commerce & Industry Minister Anand Sharma on Monday said his ministry strongly supported liberalisation of foreign direct policy (FDI) in the telecom and defence sectors.

Mr. Sharma also announced that his ministry would soon move the Union Cabinet for further liberalisation FDI policy for other sectors, which have strong potential for attracting foreign investments.

The Commerce & Industry Minister was speaking to reporters ahead of staring his 10-day visit to Helsinki, St Petersburg, Belfast and London, where he will try to convince more foreign investors to invest in India's retail sector.

Speaking on the topic, he said, "I am strongly in favour of raising the cap in telecom sector. .we will move the Cabinet for raising the cap to 100 per cent, and also for FDI in defence because we want defence manufacturing to be here."

He added that he would meet Prime Minister Manmohan Singh, Union Finance Minister P Chidambaram and Defence Minister AK Antony to discuss how to liberalise the FDI in the two sectors.

Mr. Sharma also revealed that he would convene a round table meeting of India Inc chiefs and foreign investors on 27th of June to listen to their grievances and address concerns.

The government is trying to attract more and more foreign investors as FDI inflows slipped 38 per cent from $35 billion in the FY2011-12 to $22 billion in FY2012-13.