Is there a logic without induction that captures much of P?
You want to have a look at what some people call Grädel's Theorem. You can find it in Papadimitriou's book "Computational Complexity" (it's Theorem 8.4 in page 176) or in Grädel's original paper.

In a nutshell, Grädel's Theorem is to P what Fagin's Theorem is to NP. It states that on the class of finite structures with a successor relation, the collection of polynomial-time decidable properties coincides with those expressible in the Horn-fragment of existential second-order logic. These are the sentences of second-order logic of the form
$$
(\exists R)(\forall x)(\phi)
$$
where $R$ is a sequence of second-order relation variables, $x$ is a sequence of first-order variables, and $\phi$ is a quantifier-free formula that, when written in CNF form, is a conjunction of $R$-Horn clauses (i.e. clauses that have at most one non-negated atom involving the variables in $R$).