India has welcomed Egyptian President Hosni Mubarak's decision to step down and the commitment of the Supreme Council of the Armed Forces to ensure a peaceful transition of power in a time-bound manner. In a statement, External Affairs Minister S M Krishna welcomed the decision of President Mubarak to step down in deference to the wishes of the people of Egypt. He also welcomed the commitment of the Supreme Council of the Armed Forces to ensure a peaceful transition of power in a time-bound manner to establish and open a democratic framework of governance. Noting that India had traditionally close relations with Egypt, Mr Krishna wished the people of Egypt peace, stability and prosperity.Meanwhile, the CPM today congratulated the people of Egypt for their brilliant success in ousting despotic ruler Hosni Mubarak. The party in a statement said, emergency should now be lifted and free and fair elections held soon. Party's Politburo expressed hope that the people's aspirations for a just and democratic order, for constitutional changes, lifting of emergency and establishment of a government through free and fair elections will be met without delay.The CPM greeted the Egyptian people, especially the youth, for the brilliant success of their historic 18-day struggle against the ruler Hosni Mubarak.