West Indies had built a first-innings lead of 219 at tea on the fourth day, but they batted a second time before setting India a target of 392 off 88 overs on the final day.
India had reached 298 for four when the match was called off.
"I've not regretted the decision, if it was a 300-run lead I would have batted again, if it happens in Jamaica (where the fourth Test starts on Friday) I will bat again," Lara told reporters.
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Lara's surprising decision was influenced by the unavailability of left-arm fast bowler Pedro Collins on the fourth evening because of a bout of cramp that forced him to leave the field towards the end of India's first innings.
"If I had an Anil Kumble or a Harbjahan Singh, who were running up from three or four steps, it would have been easy to ask them to come back out and bowl an opponent out again," Lara said.
"It's a choice you have to make and I'm quite happy putting myself back into bat in this match and setting a total just beyond them."
India had a reasonable chance of winning when they reached tea needing 192 runs from the 33 overs that were to be bowled in the final session.
"It was always going to be difficult to win," Indian captain Rahul Dravid told reporters.
"History tells you it has probably never been done - to score 390 runs on the last day."
"We looked like having at go at it in the afternoon, but the wicket was a bit slow and low and the ball was quite old and slow.
"We had a go for a while, but we always knew it was going to be a bit of a challenge."
The result left the series deadlocked at 0-0 going into the final Test.