Veteran politician and former Jammu and Kashmir chief minister Farooq Abdullah Friday announced his decision to step down from the post of National Conference president, saying it is time to hand over the mantle to the new generation.

There is widespread speculation that 85-year-old Abdullah will assume the role of party patron and his son Omar Abdullah, currently the party's vice-president, is likely to succeed him as the new chief.

"I will not be contesting for the post of president any longer. The elections for the post will be held on December 5. It is time for the new generation to take over the responsibilities," Abdullah told PTI.

"Anyone from the party can contest for the post. It is a democratic exercise," Abdullah, who is a Lok Sabha MP, said.

Farooq Abdullah became National Conference president for the first time in 1983.

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