Barclays Capital is upbeat on the structured financial products space in the country which looks set to double to $2-billion this year from $1-billion last year, a top company official said.

"There is a huge demand for structured financial products in the country...we expect the market to double this year to $2-billion," Barclays Capital's Managing Director Dixit Joshi said.

"We will be increasing our capital allocation besides raising our headcount in India," Joshi said without disclosing further details.

With more peers entering the Indian market, competition is hotting up, Joshi said, adding that not only is the market growing rapidly but there is also an increasing awareness amongst Indian investors who were now demanding sophisticated products.

"Investors here are now realising that there are products available that not only protect their capital but also give upside returns," he said.

Barclays Capital's present customer base comprises of asset managers, security-broking houses, high networth individuals (HNIs), large brokers and private banks.

On its India-strategy, Joshi said that "India features high as one of our priority markets...our focus now is on growing the market here."

Barclays Capital enjoys a 50 per cent marketshare in Singapore's structured financial market and it expects a rapid growth in India as well, Joshi said.

"Our aim is to be the leading equity products provider here but we will also work towards expanding the market in this space," he said.

Barclays Capital aims to partner with stock-exchanges, its peers as well with market regulators to expand the Indian market in the structured financial products space, he said.

"What is ultimately important is that the Indian investor should have access to the same suite of products that his counterparts globally have," he said.