Balance-of-payments policies and structural reforms: an adaptive-control model for India

An adaptive-control model, where parameters of the model will change in res ponse to policy optimizations, is constructed for India and solutions of th e optimization process provide the planned paths for some of the most impor tant macro policy instruments of the economy. Comparisons of the planned pa ths and the actual behavior of the economy show that the capitalistic refor m process in India is not a success, but a mixed economic plan would be mor e beneficial for the economy.