Thank you for your post Varun Ramaswamy.
Note that there is a set of requirements a system must comply with, for the Intel® wireless display to work. See the list of requirements at the link below:
http://www.intel.com/support/wireless/wtech/iwd/sb/CS-031059.htm
One of the things from your hardware list that will not comply is the processor, (it is not part of the compatible processor list), this processor does not have embedded graphics.
The Intel® Wireless Display will work only with the Intel® Graphics embedded on the processor. This would be the cause of the error message you are getting.