Add Web service reference- Components required to enumerate web references not installed

After playing with Web services for so many years this was a tricky error which kept me thinking for few minutes.

 Today when i tried to add WCF reference to my application it gave the following error,

Error

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Microsoft Visual Studio
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Failed to update Service Reference 'XXXBusiness.Reference'.
Error:The components required to enumerate Web references are not installed on this computer. Please re-install Visual Studio.(0x80004002)

What could have caused this error? Then i remembered there was a alert box from VS few hours ago which informed that some package was not loaded successfully and whether i wanted  VS to stop loading that package in future.Without reading the full message I accidentally pressed "YES" I know mea cupla.

 But i have to move forward ...

Now the solution

1. Close all open Visual Studio instances
   
2. Open the Command prompt available with Visual Studio and type devenv /resetskippkgs (You can directly type this to Run command or normal command prompt) 
3. Add reference to the Web service/WCF service