London (PTI): Recognising that "trade" and "takeovers" have become the buzzwords in UK-India relations in recent years, a key House of Commons committee wants the Labour government to forge a "special relationship" with India.

"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 report, published this week, notes that there has been a "significant improvement" in economic relations between Indian and Britain since 2006, and mentions recent takeovers of British companies by Indian companies such as Tata and United Breweries.

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

"The United Kingdom has woken up to India, but progress must not now be slowed in response to global concerns or expressions of doubt about India's future," the committee's report said.

"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.