Create a view with user selected fields I need to create a view with user selected fields. My basic requirement is data export. My site contains around 1500 nodes and each node has around 25 fields. I have a view for data export with 5 fields. 

My specific need is to create a control panel for selecting the fields i want – and in a following step I have to create a view with the selected fields.
Sounds as you need Views Dynamic Fields. From the project page:

The Views Dynamic Fields module provides a filter for use with Views module. This filter allows the user to pick and choose which fields to display for a rendered instance of a view for that user. This provides a customized view instance for each user.
This module provides additional advantages when used with the Views Bonus Pack module or the Views Excel Export module to generate an xls file from a view. The xls file will only display the fields you have chosen on the rendered view instance in browser.