The nature of the electromagnetic induction

If your frame of reference is the one of your induction loop then electromagnetic induction of a current is due to the rotational electric field produced by the time change of the magnetic field.

In reality, if you read the very first page of electrodynamics of moving bodies that's what einstein aimed to find and that's what led to relativity. It all depends on frame of reference and are physically interrelated in the relativity. This one beautiful thought changed the fate of physics.