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The present invention discloses a multiferroic material for magnetic and electric switching comprising Iron selenide (Fe3Se4) nanoparticles and its derivatives or doped with at least one element selected from transitional metals, rare earths elements, chalcogens or combinations thereof, characterized in that ferroelectric polarization and coupling of magnetic and ferroelectric behaviour in Fe3Se4 or its derivatives is observed at the temperature ranging from 15 to 30°C.