In a churning global marketplace, understanding the fundamental connections between business, the environment, and society has become essential. The roles and responsibilities of business as a global force are becoming more urgent and complex, and concepts related to societal responsibility and sustainability are  gaining recognition as essential elements in business management.

Increasing complexity and interdependence require new approaches. It is not time to modify what has been done before. It is a time for reinvention of management education.

The reinvention may well be led by India, where explosive growth in demand for management training has opened the door to massive growth and innovation in the management education sector. I came across many of the newest ideas and opportunities being discussed at a global conference called Rethinking & Rebooting Indian Management Education, and also had a chance to interact with individual faculties from a diverse array of institutions.

India has a one-of-a-kind combination of location, culture, and demographics. Like a developing nation that skips the messy stage of telephone poles and patchworks of wires and goes straight to high-speed wireless, India has the opportunity and motivation to leverage the lessons learned by the Western world's business schools, and create a management education system that will spur economic growth—and become the ultimate state-of-the-art laboratory for global business education innovation.

Following are five opportunities India has to reinvent management education in a way that can catapult it to the forefront of leadership and management training worldwide.

1. Skip the academic boundary phase: The world-class Indian engineering education system, the business education sector, and private enterprise can join forces as part of a national initiative to mine the rich intellectual capital of India—and harness the palpable entrepreneurial energy of the massive Indian population. Cross-disciplinary educational programs will foster new levels of innovation and opportunity.

2. Serve locally but train globally: Leaders of Indian management education are quickly realizing that they must look outward as they train business leaders. They can't be provincial. It will not be enough to focus on educating Indians for India. Business schools in India can design themselves as global institutions, building globally distributed educational programs and deep partnerships around the world right from the start.

3. Establish deep partnership with business: India's corporations must become true partners in building the management education programs by supplying ideas, knowledge, capital, financial investment, and on-site experience for students, enabling them to learn in real-world situations. They must also understand that to build truly world-class institutions, to unlock the deep value they are able to bring to Indian society.

4. The world is the campus: Distributed, online, distance, hybrid learning—whatever term you choose—India has the opportunity to use technology to reach massive numbers of people over incredible distances and to bring together new ideas, cultures, and thought-leaders like never before. The Western world is struggling with this approach and many schools discount its effectiveness and credibility. Building on its world-class IT knowledge, India has the opportunity to show the world the true potential of technology-based learning.

5. Embrace all forms of management training: The innovation, energy, and desire to serve the market shown by private-sector Indian enterprises is truly breathtaking. India can be smart about ways in which the entrepreneurial energy and focus on innovation brought by all educational institutions can ultimately benefit students, employers, and a society that needs new models to meet its enormous need for business education. There are quality challenges here, no doubt, but my recent experience suggests these shortcomings are being addressed by management institutions and government leaders.

India is in the remarkable position of skipping over the mistakes of the past and building a management training system that will incorporate these values and strategies from the start. Schools in the West would do well to watch and participate in what is happening in the Indian subcontinent.

In the era of Globalization, students of Management will have to develop skills of quick learning and equally quick decision making. As Managers, one will be exposed to business without physical boundaries of the nations. You will have to develop skills to work with people with diverse culture and work practices.