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Induced electric field is produced when there is a changing magnetic flux in the region.The value of the emf induced or potential difference present is given by the faradays law of electromagnetic induction and the direction is given by Lenz''s law.Now suppose a conductiing loop is present in a changing magnetic field .Then as the loop is closed the the emf induced(or the electric field induced,electric field is the gradient of the the potential) produces a current .Now this current flows in the loop in such adirection so that resultant magnetic field produced by it opposes the magnetc flux which caused the induced field in the first place.If the magnetic flux is increasing then the induced current will produce a B field that will decrease the net flux through the loop and vice versa .That is the significance of the negative sign in faradays equation for electromagnetic induction.
FOR more details And concept refer HC Verma.
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