Elarocism

Meaning: Tendency to mix up the letter l with r.
Pronunciation: El-la-ro-cism.
Usage: The Japanese are prone to elarocism as their language has no phoneme equivalent of the English 'l' or 'r'.
Root: El (phonetic L) + A (phonetic R) + -Cism (suffix cueing a state or condition).

Mincetrument

Meaning: A device capable of cutting or chopping things.
Pronunciation: Mins-true-ment.
Usage: Kapil Sibal was used as a mincetrument in the Lok Sabha debate to dice through the shallow arguments of the BJP.
Root: Mince (to cut) + Instrument.

Slowcality

Meaning: Where nothing much changes.
Pronunciation: Slo-cal-litty.
Usage: Nehru's obsession with socialism reduced India to a slowcality.
Root: Slow + Locality.

Fileanthropist

Meaning: A forwarder of interesting files.
Pronunciation: File-lan-thrope-ist.
Usage: The difference between a fileanthropist and a spammer is the benign motivation.
Root: File + Philanthropist.

Shirkular

Meaning: A resignation letter cced to all.
Pronunciation: Shirk-q-lar.
Usage: After the raise freeze, I vented my frustration by posting a colorful shirkular on the bulletin board.
Root: Shirk + Circular.

Lilustrious

Meaning: Eminent at a young age.
Pronunciation: Lil-lust-ri-yus.
Usage: Ajit Tendulkar would have been envious of his lilustrious kid brother.
Root: Lil (small) + illustrious.