Parameterizing Managed Connections with Logic Apps Standard

anilnair92, Logic Apps Consumption don't have the same local development support that Logic Apps Standard provides. In Logic Apps Consumption, each workflow is a self-contained resource, which means that you will need to prepare an ARM template which contains the resource deployment and code (logic app definition) together. This link provides some information about the ARM template definition to deploy logic apps.

Azure Resource Manager templates for Azure Logic Apps - Azure Logic Apps | Microsoft Learn

Because there is no separation between resource and the logic app definition, the best way to provide parameterization between environments is to define ARM template parameters and inject them in the logic app definition.

The Azure portal provides a way to export the logic app ARM template (Export template in Azure portal - Azure Resource Manager | Microsoft Learn).

There are also open source utilities that allow you to export a group of logic apps as series of templates, parameterizing the most common attributes. jeffhollan/LogicAppTemplateCreator: Script to convert Logic Apps into templates for deployment (github.com)