The official made the remarks addressing a 'CII Conference on Future Ready and Green Manufacturing' conference in the national capital.
Addressing a CII conference, Singh said that India has around 25 GW of thermal capacity under construction and another 25 GW is planned.
"It seems that there is going to be massive shift in the large scale firms (from China). India ought to be the destination (for them). It is very good time for India (to attract these firms)," Panagariya said addressing a CII conference here.
Coal minister Sriprakash Jaiswal had said last month that the coal block auction is likely to be held in the next two months. Officials had earlier said the number of blocks to be put on auction were yet to be finalised.
CNBC-TV18 caught up with some of the top business leaders on the sidelines of the CII conference and tried to find out their views on issues like the economic situation in the country and the possibility of early general elections.