Lenz Law

Mganetic field at the centre of the circular loop increases as it moves towards the current carrying wire as we know it varies inversely with the distance. Therefore, induced current in the loop should be such that it can reduce the increased magnetic field. This is possible only when the induced current is clockwise.

As the magnet falls, the magnetic flux linked with the ring increases. This induces emf in the ring which opposes the motion of the falling magnet, so

Inward magnetic field (') increasing. Therefore, induced current in both the loops should be anticlockwise. But as the area of loop on right side is more, induced emf in this will be more compared to the left side loop

Therefore net current in the complete loop will be in a direction shown above.