Most Americans by now have had experience dialing up customer service for a big U.S. company and finding themselves on the line with a young, English-speaking Indian at a call center halfway around the world in Bangalore.That's just one example of how much Corporate America has adopted the practice of outsourcing services and jobs to faraway lands to cut costs. India, given its democratic institutions and its young, relatively well-educated population, has become a favorite outsourcing destination, particularly for information technology and software services. While many Americans have focused on the negative effects of the outsourcing trend at home, a growing number of observers from the business and investment community are watching the explosive growth it has ignited for the Indian economy and its emerging middle class. They see a wealth of opportunity to take advantage of this new wave of consumers, but their expectations still have a long way to go to turn from speculation to reality. "There's no question that India is going to be a very strong market for European and American brands at all price ranges," says Arnold Aronson, a retail consultant with Kurt Salmon Associates. "Retailers are making their way to India in a very aggressive way now. Consumerism is No. 1 on the agenda with all this new wealth coming out of the new expression of capitalism that's flowering there." Despite such enthusiasm, the Sensex, the benchmark index for the Bombay Stock Exchange, has been in a tailspin since deadly bomb blasts hit India's financial capital earlier this month. The index peaked in May, capping an extraordinary 300% gain over the last three years. Since then, it has dropped 21%, despite predictions that its economy will continue to grow at a 7% clip. The recent volatility may have money managers rethinking their exposure there. But huge U.S. companies with little room left to grow at home see India's 1.1 billion consumers as a new frontier.