I want a way by which whenever I create a new file in a particular directory, I want it to be executable by default.
Is this even possible, if so how?
It depends, how you create the file. If you want strict executable for the creator only, than use:
If you need read-write access as well:
A little help: http://www.meine-erste-homepage.com/chmod-generator.php
Automatic creation can be done wuth
You can change permission of a directory using the following command
where -R ----> recursively apply permission all sub-directories and files under directory