Disclosed herein is a composition comprising thermoplastic polymers; and nanoparticles; wherein the nanoparticles comprise a substrate upon which is disposed a coating composition; and wherein the substrate has a different dielectric constant from that of the coating composition. Disclosed herein too is a composition comprising a polymeric material; and nanoparticles; wherein the nanoparticles comprise a substrate upon which is disposed a coating composition comprising a plurality of layers; and wherein at least one layer has a dielectric constant that is different from the remaining layers. Disclosed herein too is a method comprising blending a polymeric resin with nanoparticles to form a composition; wherein the nanoparticles comprise a substrate upon which is disposed a coating composition comprising a plurality of layers; and wherein at least one layer has a dielectric constant that is different from the remaining layers.