“I don’t think it was technically and economically necessary to launch this adventure. If 86% of country currency is withdrawn from the system then there is bound to be a fallout,” Singh told a gathering of students, faculty and professionals at the Indian School of Business in Mohali.

Earlier this month, Rajan estimated that the country’s GDP had taken a hit of between 1% to 2% due to demonetisation, which translated to a sum of around Rs 2 lakh crore.

Singh’s comments came amid a renewed debate over the efficacy of the BJP-led government’s ban on Rs 500 and Rs 1000 notes, with then RBI governor Raghuram Rajan too recently speaking out againt the move.

Singh said the economy slowed down due to demonetisation as well glitches in the implementation of the Goods and Service tax (GST) regime.In the last quarter of 2016-17, the growth rate of GDP was 6.1% as compared to 5.7% in the first quarter of 2017-18, We must grow at 7 to 8% to resolve our development issues, he said.

Promotion of scientific temper, respect for dissent and a society governed by the rule of law are an integral part of the value system of a democratic polity,” Singh said, in what is being seen as a swipe at the Narendra Modi government.” he added.

Quoting Nobel winning scientist, Venkatraman Ramakrishnan, Singh said if India has to solve its development problems of poverty, ignorance, unemployment, it has to lay more emphasis on science and innovation.

“At that time, there were many people who were sceptical about the success of the new policies. However, we have proved them wrong. It is indeed a matter of pride that inspite of many changes in government at the political level, the broad thrust and direction of economic policies have remained unchanged in the last 25 years,” he added.