India, famous for its affordable entry-level cars, remains the only major market without a genuine electric vehicle . The market share of electric vehicles in the country stands at a mere 0.06%, compared with over 30% in a number of developed nations, government figures show.But that could soon change — the country's plans to go big on electric vehicles may now have finally been put on the fast lane.According to latest reports, Modi government is finalising plans to invest $4 billion for setting up four big battery-manufacturing factories. The contours of the big-ticket plan are being given the final touches and a Cabinet note on the matter has already been floated, the Mint newspaper quoted a senior official as saying.For the ambitious project helmed by Niti Aayog, India is seeking to take a leaf out of Tesla's books. The plan involves setting up at least four factories — of 10 gigawatt hours each — on the lines of what Tesla has accomplished with its Nevada (US) Gigafactory.Tesla boss Elon Musk laid the foundation of a Shanghai Gigafactory — the first-ever outside US — in January this year. According to Niti Aayog, India will require six such giga facilities by 2025, which will go up to 12 by 2030.One gigawatt hour of battery capacity can power 10 lakh homes for an hour and around 30,000 electric cars.These factories, when they start functioning, could solve one of the last pieces of India's electric puzzle by providing the ecosystem for e-cars to finally get going, analysts say.India's huge dependence on fossil fuels such as petrol and diesel is the main culprit behind rising greenhouse gas emissions and shocking pollution levels. That is the main reason for the government's focus on electric vehicles, as a transition to e-cars is likely to reduce toxic air pollutants markedly.Modi government has a stated commitment to reduce air pollution by doubling down on electric vehicles. The road map envisages all vehicles sold after 2030 being electric. Niti wants all sub-150cc two-wheelers sold in India after March 31, 2025, to be electric. For three-wheelers, the proposed deadline is March 31, 2023.The new plan also assumes significance in view of rising tensions in the Gulf region, where a conflict could trigger an oil price spike, landing a telling blow on India's fiscal numbers. As India imports over 80% of its oil needs and about 18% of its natural gas, its vulnerability to oil fluctuations is especially conspicuous.Electric vehicles won't be the only sector to benefit after these factories finally come up. It is also likely to boost the country's electric grids and consumers electronics industry — sectors that regularly face problems on the clean energy front because of the sporadic and irregular nature of wind and solar power supply in India.India is among the countries at the forefront of renewable energy efforts. It currently has 80 gigawatt renewable energy capacity and has ambitious plans for the future in store — the plan is to achieve 175GW by 2022 and 500GW by 2030.In view of the stop-start nature of India's electric ride, a slew of incentives are being planned to woo manufactuers, the Mint story reported. These include — (a) a 3% forex hedge on overseas loans, (b) a fixed 3% interest subvention on rupee loans, (c) likely reduction in MAT. The incentives could also include a deemed infra status and an investment-linked tax relief, besides some basic customs safeguards, it said.In the 2019 Budget, Nirmala Sitharaman had announced tax breaks for setting up manufacturing units for solar photovoltaic cells, lithium storage batteries and solar electric charging infrastructure.Besides, the government also has plans to provide tax credits to retail buyers as also grants at the state level, the Mint story said.Meanwhile, Modi government has delivered big on its green pledge by cutting GST on cleaner cars from 12% to the lowest slab of 5%. Following this cut, e-cars will be cheaper by between Rs 60,000 and Rs 1.5 lakh. Prices of two-wheelers will come down by up to Rs 8,000.The GST Council also reduced the rate on e-vehicle chargers from 18% to 5%. These moves are part of the government's efforts to discourage more and more people from buying petrol and diesel cars.The latest GST cut will widen the tax gap between petrol/diesel vehicles and e-cars. The base GST on conventional ICE cars is 28%, and buyers also have to shell out additional cess based on the car size and engine capacity over and above the GST rate.