Hi Sagar,
I/O wait is accounted for idle time.
To find out CPU IDLE % in your system, run the sar command.
e.g.
# sar -u 1 2
HP-UX biavm4-3 B.11.23 U ia64 08/18/10
04:47:47 %usr %sys %wio %idle
04:47:48 0 0 0 100
04:47:49 0 0 0 100
Total Idle% = %wio + %idle
Regards,
Muru