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An optimal control problem is formulated that addresses the conflicting objective of minimizing the energy usage, along with minimizing the time taken by missile to capture the target. The PSM-based guidance strategy is compared with other conventional guidance laws such as pure proportional navigation (PPN) guidance law and also evolutionary algorithm inspired differential evolution tuned proportional navigation (DEPN) guidance law. A scheme by which the PSM guidance strategy can be applied online is also included in this paper. 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