This paper introduces the Environmental Risk Assessment and Control (ERAC) framework as a comprehensive approach to managing environmental impacts throughout the lifecycle of product manufacturing processes. Drawing from a detailed case study conducted at a fiber cement manufacturing plant in Odisha, India, the study identifies environmental risks across various phases including raw material extraction, manufacturing processes, and product disposal. ERAC involves five key components: identification of environmental risks, rigorous risk assessment using tools such as environmental modeling and life cycle assessment, formulation of tailored control measures, implementation with robust monitoring, and continuous improvement. The case study demonstrates significant improvements in environmental performance indicators post-implementation, highlighting reductions in specific PM emissions, carbon footprint, waste generation, and energy consumption, as well as enhancements in productivity and workplace safety. The findings underscore ERAC's effectiveness in promoting sustainable manufacturing practices and environmental stewardship.