Step 1: As the conducting ring falls towards the current-carrying conductor, a change in magnetic flux occurs due to the changing distance between the ring and the conductor.
Step 2: According to Lenz’s Law, the induced current in the ring will flow in such a direction as to oppose the change in flux.
In this case, the magnetic flux increases as the ring moves towards the conductor, and to oppose this, the induced current in the ring will flow in the clockwise direction.
Step 3: Hence, the induced electric current is clockwise.