The President Mrs Pratibha Devisingh Patil has urged the public sector to focus on research and development to become globally competitive. Speaking on the occasion of public sector day in New Delhi today, she said public sector undertakings are the backbone of country's economy . The President expressed hope that public sectors will sustain profitability and good performance in the days to come .She said big public sectors should set benchmark for others to follow. Mrs Patil said PSUs have successfully undertaken course correction and complemented all stakeholders for its growth. Speaking on the occasion, Heavy Industries minister, Vilasrao Deshmukh said government is formulating comprehensive guidelines for corporate governance. He said public sectors have contributed a great deal in the turnaround of country's economy. Mr Deshmukh said public sectors are facing new challenges everyday. The minister said the improvement and efficiency of public sectors could be possible due to the innovative steps taken by the government to strengthen the public sector. The minister said that sick and loss making PSUs are given assistance by the government. The President also gave away scope meritorious awards to Punjab National Bank, SAIL,NTPC under different categories.