The disclosure relates to transgenic plants over-expressing a unique light-regulated transcription factor, Z-box binding factor involving in plant growth and development, found in plant. Overexpression of the Z-box binding factor in plant results in early flowering, lateral root development and increased tolerance to environmental and abiotic stresses compared to wild type and mutant plants. The disclosure further provides identification and functional characterization of Z-box binding factor. The disclosure also provides a method for modifying a plant's traits, such as enhanced productivity and increased tolerance to environmental and abiotic stresses.