Word with origins in Hindi (an Indian language for the ignorant among you). Philosophy recently mentioned and studied by many management schools.
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
Farmer: the irrigation pump failed again, and I can't afford to get it fixed right now.
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.