I could create the light weight jar following the below steps.
(i) Project Structure -> artifacts -> click the "+" symbol
(ii) Now go to JAR -> Empty -> <give name of the jar in "Name">
(iii) Now press "Apply" button
(iv) Now you can see the jar file created with the given name. On top of that we can see a "+" symbol
(v) Now select "Module output" and then select your project
(vi) Create Manifest if it is not available.
This way I created jar file with less than 125 KB. If I add all the dependencies it is coming around 300 MB.