<p>Is there any IDE (like VS) with drag and drop support for building python GUI, connecting to dbs etc?
Eventhough I am an emacs guy, I find it much easier to create GUI with VS.</p>

Eclipse
has python support.
There's also
IDLE
or
Wingware
, though I'm not sure of their GUI support.
I'm sure a good
google search
would turn up more.
But in the end, I doubt it.  Python is dependent on third-party widget sets like Qt, Tk, Gtk, wxWidgets, etc for GUI support.  Each of those will have their own system for laying things out.