Abdul Quadeer said:
If the electrons collide with the ions of the conductor, to conserve the momentum the ring has to move?
Interaction. I don't dare saying that is a force or something, since the simple "electron flow" inside a conductor that we know so far is a model, and the real behavior of electrons is way more complicated. However, as science hasn't encountered a one-way interaction (or perhaps science has already; but that shouldn't be this case), if the lattice does something on the electrons, the electrons should do the same on the lattice.
Anyway, we won't recognize easily such movement in practice, even if there is no friction. The mass of the lattice is way too large. If the induced E-field is large enough to initialize a recognizable movement, electron flow would be large enough to make you cry with your melted ring

However, that's not the case in your problem, since it's not a conducting ring.
Abdul Quadeer said:
Why is it not equal?
If you consider a very small part of the conductor, you can see that due to the flow of electrons, there is a magnetic force which acts exactly towards the centre.
Does pointing towards the center mean it is the only radial force?
Centripetal force = radial component of the TOTAL force.
Btw is it true that an induced electric field gives rise to another induced magnetic field and the process goes on as Tusike said?
If yes then why do we neglect it?
It's most likely so (except for special cases where the induced fields do not change with time), and the result is an electromagnetic wave spreading over the space.
I have been wondering about your question and haven't got an exact answer for this. Anyway, let's give it a shot. As people usually say, varying E-field induces B-field, and varying B-field induces E-field. By saying so, we might understand that changing E-field is a source of B-field, and vice versa.
We have these famous 4 Maxwell's equations (in free space, for simplicity):
div \vec{E} = \rho / \epsilon_0
div \vec{B} = 0
curl \vec{E} = - \partial \vec{B} / \partial t
curl \vec{B} = \mu_0 \vec{J} + \mu_0 \epsilon_0 \partial \vec{E} / \partial t
Don't bother the weird math operators (curl, div). The above interpretation (i.e. varying E-field is a source of B-field) can be understood by looking at the 3rd and 4th equations. But what if I rewrite them in the following way?
div \vec{E} = \rho / \epsilon_0
div \vec{B} = 0
curl \vec{E} + \partial \vec{B} / \partial t = 0
curl \vec{B} - \mu_0 \epsilon_0 \partial \vec{E} / \partial t = \mu_0 \vec{J}
So as you can see, I put everything related to E and B to the left side, and everything related to charge (\rho) and current (\vec{J}) to the right. And I'll interpret them in this way: charge and current are sources of a field, namely electromagnetic field, consisting of 2 components E and B, such that E and B behave accordingly to the 4 equations.
That means, charge and current can be attributed to creating electromagnetic field. They are the
true sources of the field. Intuitively, the field should be weakening with distance from the source! And even more (or perhaps less) "intuitively", it should be weakening dramatically: by the law of energy conservation, the magnitude of the field is proportional to (distance to the source of electromagnetic wave)^2.
Back to the problem. The initial B-field must come from somewhere, and that somewhere is some mechanism that contains current. So the farther I go away from this current source, the weaker the field is. I also know that in the vicinity of the induced E-field, there is another B-field. But I already go away from the current source, so this B-field must be much weaker than my initial B-field.
That's just a naive attempt. But I don't dare to go for quantitative explanation