“We need to establish a relationship as special with India as the one we have enjoyed with the United States,” the Business and Enterprise Committee said in a report titled ‘Waking up to India: Developments in UK-India Economic Relations’.

The committee comprising MPs across party lines is chaired by the Conservative MP from Mid Worcestershire Peter Luff.

“Even if India grows more slowly than other emerging markets, in a country of over a billion people the opportunities created would still be huge. The United Kingdom is uniquely well placed to take advantage of them, to the benefit of both partners,” it added.

The committee had briefings from several stakeholders, including Indian-origin entrepreneur Karan Bilimoria and representatives of UK Trade and Investment, the department responsible for overseas trade relations.
The committee noted the “recent shocks” to the world’s financial markets, and said that India’s economy had recently enjoyed growth rates of around 9 per cent a year. It said that the growth was likely slow slightly in 2008 and 2009.

“It would be wrong to pretend that no barriers to trade or investment remain, but there are real opportunities for those who are prepared to take advantage of them.”

Recalling that the first bilateral UK-India Investment Summit was held in 2006, the committee noted that it had not been held again. The committee encouraged the British government to hold a follow-up summit soon.