Recently there seems to be a lot of libraries that are being created using Jquery.
Joomla has been traditionally used with the mootools library. Instead of using this library, I have opted to instead use the Jquery library.
Keeping my fingers crossed I wrote this syntex in the template file
And Eureka!! It worked. Now I will go on further extending Joomla to create a very user friendly component for my clients which have been facing lots of problems with the counter-intuitive Joomla Administration interface.