West has already found the word for Jugaad - Frugal Innovation. Now they are all out to analyze it to the extent possible and write about it. Authors Navi Radjou, Jaideep Prabhu and Simone Ahuja come together to write a book on Jugaad and in this HBR article they talk briefly about the characteristics of Jugaad. They opine that Jugaad is faster, cheaper, better, adaptable and inlusive. I think it is their own definition of jugaad and this may be A way of doing innovation.
While I personally think Jugaad is being over-analyzed, it is a quick solution to a problem thought and implemented instantly by people when the obvious solution is not available. People do not do Jugaad systematically, it happens in the absence of solution or a resource that should have been there but is not there. E.g if you miss your train and hitch hike to your destination that is called Jugaad. If you plan to hitch hike in the first place that is not Jugaad. In the poplar parlance that the Jugaad is used, it is not repeated and it is not a permanent solution for the problem.
Having the basic understanding of the word Jugaad, I am now thinking about how the definitions can change even when the word is translated to another language. I wonder if they would be ever able to find an exact translation of the word. Frugal innovation is an interpretation of the word.