This is me recognizing that if I saw a large nation buying up crap from a small nation, I'd be suspicious of the player's motivation. On occasion, I already have been. Therefore, I have to acknowledge that - while I think Iberia's motivation to keep stuff away from China/Mexico is legit, and while I think Bharat's motivation to get the most cash for its surplus is legit - the two could converge in a way that looks shady to other players. I would rather eliminate the possibility of that conflict of interest, and the out-of-character animosity that could accompany it, right from the start.
Now, on the issue of being "too modern", consider the following:
Recognize that Bharat's foreign policy is shifting. Bharat's going isolationist. The ties to SATSUMA have been cut, there's no involvement in the big international sporting events. The only strong international linkages are with Persia, Hedjaz, and South Africa. What does that mean?
For a start, it permits a less hostile relationship between Bharat and Iberia. Iberia and Bharat were not in direct conflict through the SATSUMA/AEGIS rivalry; there were no overlapping territorial claims. They were in indirect conflict because Bharat had allied with the Chinese and Iberia had allied with the Dutch, and there was the issue with Bharat fighting the Danes and Siamese back in the twenties. It should mean that Bharat is prepared to sell surplus to Iberia if it's worth the cash - the odds of having to sink that surplus another time are relatively low. It should also mean that Iberia is less reluctant to transfer wealth to Bharat if doing so weakens Iberia's actual rivals.
The shift also means there is less imperative for Bharat to sell solely to China or Mexico. Selling to Mexico made sense in the SATSUMA era because it created a headache for AEGIS. Selling to China in the SATSUMA era made sense because there was a common anti-colonialist objective. Post-SATSUMA, those rationales aren't there. Bolstering Mexican security has no obvious pay-off, and China might well evolve into a regional rival. It doesn't mean Bharat won't sell to them - but it does mean that the motivation is now, "what deal benefits Bharat the most?" rather than "What benefits the SATSUMA cause the most". In most cases, that will come down to who offers the most cash.