When magnetic field though a loop changes, it induces a non conservative electric field, it’s fundamental law. That induced electric field make charges in loop to move hence inducing current.
As we don’t need to apply any potential across loop, it generates emf itself, that’s why the current flowing is termed as induced current.
Formal definition:
A changing magnetic field through a coil of wire therefore mustinducean emf in the coil which in turn causescurrentto flow. The law describinginducedemf is named after the British scientist Michael Faraday, but Faraday's Law should really be called Henry's Law.