A vertical conducting ring of radius R falls vertically with a speed V in a horizontal uniform magnetic field B which is perpendicular to the plane of the ring. Which of the following statements is correct

The diagram shows a circuit having a coil of resistance $R=2.5\Omega$ and inductance L connected to a conducting rod PQ which can slide on a perfectly conducting circular ring of radius 10 cm with its centre at 'P'. Assume that friction and gravity are absent and a constant uniform magnetic field of 5 T exists as shown in figure.

At t = 0, the circuit is switched on and simultaneously a time varying external torque is applied on the rod so that it rotates about P with a constant angular velocity 40 rad/s. Find magnitude of this torque (in milli Nm) when current reaches half of its maximum value. Neglect the self-inductance of the loop formed by the circuit.