The President Mrs Pratibha Devisingh Patil has asked the public sectors to focus on research and development to become globally competitive. <br/><br/>Speaking on the occasion of public sector day in New Delhi today, she said public sector undertakings are the backbone of country's economy . <br/> <br/>The President expressed hope that public sectors will sustain profitability and good performance in the days to come .<br/><br/>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.<br/><br/>Speaking on the occasion, Heavy Industries and public enterprises Minister, Vilasrao Deshmukh said government is formulating comprehensive guidelines for corporate governance. <br/><br/>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 . <br/><br/>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. <br/><br/>The minister said that sick and loss making PSUs are given assistance by the government. <br/><br/>The President also gave away scope meritorious awards to Punjab National Bank, SAIL,NTPC under different categories. <br/>