Automapper is a object-object mapper where we can use to project domain model to view model in asp.net mvc.
http://automapper.codeplex.com/
Is there equivalent implementation in Python for use in Django(Template)/Pylons ? Or is there necessity for this in Python world?
This generally isn't necessary in Python. We have some pretty complex domain models and we're able to use them in our views easily, without noticing any performance issues, and we serve millions of page views a month.
Also remember that "view" in Django == "controller" in MVC, and "template" in Django is "view" in MVC. Hence MTV rather than MVC. Something that tripped me up initially :-)
If there's some specific issue you're running into, post that as a question too ...