What directory are you in ?
What is in ../../lib that makes you want to call -I../../lib ?
I think there's some sort of problem with DIRFILESEP - as shown by libConfig.pm (which should be lib\Config.pm )

What is the *last* line of output you get from running:

F:\thirupap\5.16.0\5.16.0\WinNT4.0\perl-5.16.0\perl.exe -MExtUtils::Ma
+keMaker -e "$x = ExtUtils::MakeMaker->new();print $x->{DIRFILESEP}"
[download]

For nmake it should be ^\
For dmake it should be \\

Cheers,
Rob