Egyptian President Hosni Mubarak has stepped down and handed over power to the military after 30 years of rule. Country’s Vice-President Omar Suleiman said in a brief televised statement on late Friday that taking into consideration the difficult circumstances the country is going through, President Mohammed Hosni Mubarak has decided to leave the post and has handed over power to the Supreme Council of the Armed Forces. Defence Minister Hussain Tantawi is the head of the Supreme Council of the Armed Forces. The announcement, delivered during evening prayers in Cairo, set off a frenzy of celebration, with protesters shouting Egypt is free. Nobel Peace laureate Mohammed El Baradei told that this was the greatest day of his life. He said the country had been liberated after decades of repression and hoped smooth transition of power. World leaders, including India, have hailed the transition of power in Egypt. UN Secretary General Ban Ki Moon has commended the people of Egypt for their peaceful protests that led to the exit of President Hosni Mubarak. The US President Barack Obama said the Egyptian military must ensure credible transition of power. Welcoming the Mubarak’s decision, the European Union hoped that this would accelerate the transition and pave the way for a more broad based democracy. India welcomed President Hosni Mubarak's decision to step down. Several West Asian countries including Qatar and Turkey have urged the country's military to swiftly transfer power to an elected government.