Political parties, however, expressed concern as the CA said nothing about the lifting of ban on political activities.
They urged declaration of a more specific timeframe of election.
Fakhruddin Ahmed in his address to the nation on Thursday outlined the road maps of his government. He categorically said that the next parliamentary election would be held before the end of 2008.
Welcoming the chief adviser for setting the timeframe for the next election, BNP Secretary General Abdul Mannan Bhuiyan said some aspects of his speech are positive.
He lauded the government's steps for political reforms and strengthening constitutional and democratic institutions as well as the local government system.
Bhuiyan also praised the CA's assurance to create a congenial environment for holding free, fair and neutral elections without the influence of black money.
Awami League General Secretary Abdul Jalil in his reaction appreciated the chief adviser for mentioning a timeframe to hold the next general election.
Jalil also hailed the caretaker government for the achievements during the last three months.
Workers Party of Bangladesh described the CA's speech as the reflection of people's desire.
They, however, expressed concern over the CA's silence on the issue of ban on political activities.
Jatiya Samajtantric Dal in their reaction said the CA's speech has helped to remove the uncertainty and concern over holding of the next election and over the future politics of Bangladesh.
Former adviser to the caretaker government SM Shahjahan said the CA's speech is a 'very good gift' to the nation on the eve of the Bangla New Year.
"We have got a timeframe of the next general election that we all craved for. Now the chief adviser should set a timetable for implementing everything that he has mentioned in his speech," he said.
Prof Emajuddin Ahmed, former vice-chancellor of Dhaka University, said, "It is a positive matter that the chief adviser has set a timeframe for the next election."
Muhammad Kamaruzzaman of Jamaat-e-Islami welcomed the CA's speech for mentioning a timeframe of the next general election."
He, however, said, "It would be beneficial for all if the timeframe of next general election were shorter."
Jatiya Party and Palestine Returnees' Muktijoddha Sangshad also hailed the CA'a speech.