Quote from IBM's Q4 earnings conference call, January 17th 2006 (entire call transcript here):
China and India together with Brazil and Russia comprise the emerging countries that we discussed in the past quarter. For the year these emerging countries delivered 3.8 billion of revenue without PC and grew 14% at constant currency. Year-to-year growth was lead by India at 55%, while China grew 8%, Brazil 7%, and Russia 29%. We’ll continued to shift investment to these high growth markets.