offtake of their produce at remunerative prices and cotton needed by the industry would be made available in adequate quantity and at reasonable prices. The policy envisages reformulation of the role and functions of the Cotton Corporation of India to include price stabilisation operations for which the corporation would have the necessary access to international markets. The sharpest-ever decline in cotton prices during 1984-85 and 1985-86 and the phenomenal upsurge in prices during 1986-87 have completely belied all the high hopes roused by the new textile policy.