From Faraday’s law, we can write:
\[\oint \vec{E}_{in} \cdot \vec{dl} = \frac{-d \phi_B }{dt}\]
Integrating over the closed loop, (\(\vec{E}_{in}\) is constant for the loop), we get,
\[\vec{E}_{in} = \frac{1}{2} \alpha B_0 R e^{-\alpha t}\]
\[\implies \ddot{\theta} = \frac{1}{m} \alpha B_0 \pi \lambda R e^{-\alpha t}\]
Integrating this to solve for \(\omega\), we get
\[\omega = \frac{\lambda B_0 \pi R}{m} \left( 1 - e^{-\alpha t} \right)\]
Tension in the ring is due to rotation of ring, and tension due to the charges in magnetic field. The net tension would be the vector sum of these. Since both are in the same direction(radially outwards), we can just add them, getting
\[T = \frac{B_0^2 \pi R^3 \lambda^2}{2m} ( 1 - e^{-2\alpha t} )\]