I think "jugaad" gets ingrained naturally when you are on a budget and don't have access to all the cool tools but have a desire to build something.
[1] : http://en.wikipedia.org/wiki/The_Fortune_at_the_Bottom_of_th...
[2] : http://en.wikipedia.org/wiki/Jaipur_leg
[3] : http://www.npr.org/2011/11/29/142526263/india-eye-care-cente...
Yeap: http://en.wiktionary.org/wiki/desenrascanço
I'd say it's both a source of national pride and shame for us, in the sense that we can find ingenious solutions, but often those are only required because we didn't do it right in the first place.
If you have to send multiple 70+ million dollar missions because the hacks keep failing the cost benefit is not all that good compare to the more expensive 300 million dollar mission.
(Another person in this thread ties it more closely to 'kludge' -- this would be correct too. More correct would be innovative or tricky kludge.)
http://en.wikipedia.org/wiki/Jury_rig
I found this out when wondering if "jerry rigged" shared anything with "jerry can" which came from British troops admiring the quality of the liquid containers the Wehrmacht had in WW2 "jerry == German":
The German barrels are for the most part still in good shape, some with almost no trace of rust, while the others are all crumbling into rust (on the other hand, they're also much heavier and unwieldy).