Your child is 2 years old, at this age we expect the child to speak in 2-3 word sentences. Eg. The child should be able to say things like "give milk ", "don't want", "let's go out", "give me food", etc. If he's not then there is a speech and language delay. Speech and language delay can be present even when other development is normal (physical and psychological). Sometimes even vegetative skills (feeding skills) can be related to speech related problems. I would request you to find a speech language therapist closest to you and get an evaluation done so that you get a clear picture. If in case there is a problem it can be treated as soon as possible so that the child is brought back to age appropriate skills. The good thing is you are seeking advice for this at an early age and this will give your child a head start. Please don't wait now to seek help from speech language therapist, you'll just end up wasting precious time.

Speech is a complex process , which happens when the child is able to listen to sound ,  or in  response to  visual and tactile cues . Any defects in the sensory or motor pathways, or in the neural system, including behavioural problems can cause delayed or suboptimal speech.  That said, your child is speaking in monosyllables , which is good. To help him improve, you need to provide him with more sensory stimulus , like talking to him , singing ,  playing, holding, massage etc. The more you talk to him in short two or three words sentences, the more he will try to speak. Pointing out to pictures in books or surrounding objects, and naming them will also improve comprehension and speech .