This paper presents a detailed performance analysis and comparative study of Vector Controlled Induction Motor Drive (VCIMD) for different industrial applications in MATLAB environment using Simulink and Sim Power System (SPS) toolboxes in Discrete Time Frame. Various operating conditions such as start mode, brake mode, reversal of speed, step change in speed command, etc., have been considered from the application viewpoint. Analysis of such operating conditions lead towards a check for sustainability for various industrial applications such as conveyors, feeders, fan load, pump load, etc., wherein the choice of a three-phase squirrel cage induction motor introduces simplicity, robustness and a maintenance free environment leading to an economic solution with increase of efficiency. In realizing such an analysis, the paper also processes a comparison between the various control strategies used for converting the feedback signal to a reference command for torque and flux which are electrically de-coupled to operate the current controlled (CC) voltage source inverter (VSI) fed induction motor like a separately excited, compensated, DC motor.