1) (adjective) Makeshift; jury-rigged.
2) (noun) The act of making something out of materials not intended for the purpose, usually out of desperation or unavailability
3) The philosophy of making things on the spot to make up for a lack of prior planning. Not to be confused with just-in-time
See ghetto, kludge
Friend: Don't you have an old lawnmower lying around somewhere? Does the engine still work?
Farmer: Are you thinking what I'm thinking?
Friend: Jugaad it is, then. I'll get the duct tape and hammer.