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You're referring to the 1970s & 80s & few specific sectors .What was the size of the Indian economy then? The bulk of the business was even then transacted with the west & the SU. We got crumbs . Our trump card was cheap labor. China wasn't present the way it is today. You had Japan & their influence in the ME was limited.
I did not look at the statistics. I was going by the news reports about India losing few billions in lost contracts and owed payments after Saddam was toppled. Maybe my memory betrayed me.
@hit&run just posted statistics about trade volume and deficit between India and Iraq. It looks like, as far as deficit is concerned, nothing has changed much; India had and still has trade deficit with Iraq. However, trade volume has increased -- big time -- particularly after 2010; maybe this was a product of Iraq coming under Iran's influence.
I think you were correct in your initial assessment that US did not really accomplish much in Iraq. Iraq today is more under Iran's influence than US.