Former Prime Minister Manmohan Singh said Indian small and medium enterprises are yet to recover from the shock of demonetisation.

On the second anniversary of the Modi's 2016 decision to ban Rs 1,000 and Rs 500 notes, Sinagh said "Small and medium businesses that are the cornerstone of India's economy are yet to recover from the demonetisation shock."

A host of Congress leaders came out in stringent criticism of demonetisation.

Calling it an "ill-fated" and "ill-thought" exercise, Singh said the scars and wounds of the decision were only getting more visible with time and its deeper ramifications were still unravelling.

He asked the government not to indulge in any further unorthodox, short-term economic measures that could cause more uncertainty in the economy and financial markets.

Singh said November 8 was a day to remember how economic misadventures can roil the nation for a long time and asked the government to restore certainty and visibility in economic policies.

"Today marks the second anniversary of the ill-fated and ill-thought demonetisation... The havoc that it unleashed on the Indian economy and society is now evident to everyone.

"It is often said that time is a great healer. But unfortunately, in the case of demonetisation, the scars and wounds of demonetisation are only getting more visible with time," he said in a statement.

Singh said that beyond the steep drop in headline GDP growth numbers after demonetisation, the deeper ramifications of note ban were still unravelling.