The association plans to use this occasion to highlight issues related to the changing role of exchanges in the country, hedging options in cotton futures trading, problems in compiling crop estimates and other problems raised by upcountry associations.

EICA has members from all segments of the cotton industry like buyers, growers (sellers), brokers, importers, exporters and processors. The association is recognised under Forward Contracts (Regulation) Act, 1952 on a permanent basis for forward contracts in the country.

The celebration will also include a meeting of the All India Cotton Association. The association will release three publications, namely, "Glimpses of World Cotton","National Cotton Board of India - Imperative Need for Setting Up" and "Cotton- Miles toGo".

"Besides we wish to draw attention of the textile minister to crucial issues that are of immediate concern," says Suresh Kotak, president of EICA. The first and foremost is that of Essential Commodities Act under which cotton is wrongly focussed, he said.

"Cotton is not a scarce commodity and we feel that cotton deserves separate treatment," according to KF Jhunjhunwala, vice president of EICA. When the Pressing and Ginning Act was removed, it diluted the quality standard norms of cotton, Kotak said. To set things right EICA members feel that cotton should be taken off the Essential Commodities Act and should be covered under a single umbrella of Cotton Control Order directly monitored by the textile commissioner.

The second issue relates to the financial crunch faced by textile mills, suppliers and traders.

"For disciplined credit, we suggest that cash crop should be sold in cash and credit should be given against debt instruments. Besides small and medium-scale enterprises and trade should beat pari-pasu with SSI units for favourable treatment as far as financing is concerned," reflects Kotak. Another suggestion was to introduce Suppliers' Protection Act on the line of Consumers' Protection Act.

The third issue relates to National Cotton Council which should be accorded importance, EICA members said. This was because the council deals with management aspects unlike Technology Mission which deals with productivity-related functions.

Forward trading in cotton was stopped in 1966 and only non-transferable specific delivery (NTSD) contracts were allowed. However, in the year of its platinum jubilee, EICA has been given a mandate to resume forward trading in cotton. With changes in the age old bye-laws to be approved by the Forward Market Commission (FMC), the association hopes to restart futures trading in the near future which was earlier scheduled to take off on July 17, 1998.

In the 75th year, the association took up programmes to focus attention on all aspects of cotton on regional as wellas on the national level taking up issues like productivity and quality improvement, distribution, marketing and also tackling cotton contamination.

EICA instituted special awards for good ginning and pressing practices and also for good farming practices. It also encouraged research and released various publications on cotton.