Earlier this week, I emailed Richard Edelman and suggested he discuss India on his blog. He told me he was on his way there (as he later blogged) and that he would do so when he came back. Today, I read on Public Relations India about announcements about Edelman in India made this week.
So, it seems, unsurprisingly, that US PR companies are not unaware of this market and its potential. Today, they may simply have Indian clients, but I suspect that there will be much investigation of cross-team potential with offices in other countries around the world.
Update 11/18: The subject of PR outsourcing to the subcontinent is picking up speed in the blogosphere. PR Fuel has a good post on this subject here. However, Om Malik seems to be predicting that the Indian [outsourcing] tech boom is over (who knew we PR people were harbingers of the end).