Besides, now that India is a member of Committee on Payment and Settlement Systems, we have to be compliant with international standards. What are the challenges in our achieving the stated goals? Recently, I happened to read an interesting book entitled, “Jugaad” (NaviRadjou, JaideepPrabhu and Simone Ahuja). First, what is jugaad?
According to authors, jugaad is a colloquial Hindi word that means something like, an innovative fix, an improvised solution born out of ingenuity and cleverness. The authors point out that the biggest Indian jugaad to communication is the “missed call” on the mobile phones. India perhaps leads the world in this!