I saw a link which provides options to Show/Hide hidden files.
http://appducate.com/2013/01/how-to-show-hidden-files-folders-on-your-mac/
I used the Automator Script which you can download from the link that i gave.
To make things more efficient for me to Show/Hide hidden files, I saved the script as an Application using Automator.
And then created a keyboard shortcut for the "Show-Hide Hidden Files" application that I created using the steps found here:
https://superuser.com/questions/245711/starting-application-with-custom-keyboard-shortcut
And now i just have to press the keyboard shortcut if i want to show or hide hidden files. I can do this in any application. :)
BTW, thank you all for your answers. This is just another way to show/hide hidden files efficiently.