A thought experiment -
Consider a very big loop of metal wire with the radius being 500 million km. Now, I have a powerful magnet stationary near the loop like this -
Now, if I move the magnet emf must be generated in the loop according to Faraday's law. As the loop is very big, it will take some time for the deformation in electric and magnetic fields to reach the loop. So, when the information of the change in magnetic field is reaching the loop, won't there any emf be induced in the loop?
So, is the emf induced instantaneously or it will take some time for the current to flow?