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What condition is necessary for the production of current by electromagnetic induction?

Answer
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Hint :Michael Faraday to perform an experiment arranged the coils of a conducting wire attached to a Voltmeter: device to measure the voltage across the circuit and when he moved a bar magnet through the coil, the meter detected the voltage in the circuit.

Complete Step By Step Answer:
Electromagnetic induction is basically a relation between electricity and magnetism. A magnet has its own magnetic field lines associated with the magnetic field around it. When Faradays performed the above experiment, he concluded two laws, which are known as Faraday's law of electromagnetic induction.
First law states that if we place a conductor in a varying magnetic field, an EMF gets induced which is known as induced EMF and if the conductor is connected in a closed circuit then the induced current flows through it.
Second law states that the magnitude of above induced EMF is equal to the rate of change of flux.
Based on the experiment we now have Faraday’s law of electromagnetic induction which says that the amount of induced voltage in a coil is directly proportional to the number of turns and the changing magnetic field of the coil
Hence, a magnet, a wire, and change in the magnetic flux are the necessary conditions for the production of current by electric fields.

Note :
One should not get confused between electromagnetic induction and magnetic inductance, as magnetic inductance is the same as inductance in an electrical circuit and be clear with its properties and applications.