New Delhi: A report by venture capital firm Elevation Capital and McKinsey India shows how fintech companies have a massive opportunity to be able to cater to the expanding base of wealthy individuals.According to the Economic Times, the report estimates that by fiscal year 2030, the number of affluent Indians is set to triple to 30 million, up from the current 10 million, potentially doubling the revenue pool in this sector to $80-100 billion.The report suggests that serving the mass market through formal credit could unlock revenue pools of $25-30 billion by 2030. Additionally, wealth offerings have the potential to create another $30-40 billion in revenue opportunities.According to the report, the affluent segment in India corners 70% of retail deposits and conducts 50-60% of the overall online spends.This report comes at the same time when Prime Minister Narendra Modi announced that the Union government will be extending the Pradhan Mantri Garib Kalyan Anna Yojana (PM-GKAY) for the next five years. The scheme provides free ration to 80 crore poor people of the country.Several experts have pointed to India’s K-shaped recovery, which means that some parts of the economy are doing well, while others are struggling.Take for instance, after growing about 25-40% year-on-year in the second half of 2020, consumer goods firms are now finding it hard to remain in the black, Business Today reported.Mint reported that rural demand saw a sluggish recovery in the September quarter. It said that while volumes have improved sequentially in the September quarter, companies said the pace of growth has been slow. It added that growth also came on a negative base of the previous year when volumes dipped in mid-single digits.An opinion piece, published on November 5, in Mint spoke about how Reserve Bank of India’s growth optimism overlooks rural distress.“Rural demand never really recovered from the ravages of demonetization and the two COVID-19 waves. Other factors, such as unseasonal rains during April-June as well as erratic monsoons during July-September, have not only affected crop sowing patterns but dampened output and incomes. In addition, September inflation in rural areas has been higher compared with the urban areas: 5.3% versus 4.65%. The combination of higher prices, lower incomes and employment volatility has affected demand and consumption,” it said.During the festive season, a surge in demand for FMCG goods, cars, and smartphones may indicate a revival in rural demand. However, it’s also important to take into account that four major companies recorded only a 0.7% year-on-year growth in two-wheeler sales. This contrasts sharply with the passenger vehicle market, where automotive manufacturers are posting record sales numbers, Business Standard reported.Meanwhile, net financial savings of households have fallen to a nearly five-decade low of GDP in FY23.