So i came up with a simple macro which will do it two concurrent keystrokes.
Add this to you .vimrc file
map \\ I#
map \] ^x
With this in your rc file, you can comment line by pressing "\" and "\".
To un-comment, press "\" and "]". I found these key combinations best suited for me. But you can change the second keystroke according to your needs.
Saves time for me, hope helps others.
Note: Verified with Gnu Vim.
