Hi Awdesh,
By industrial relations, we mean the relationship between the employer and the workers/labour workforce. The term 'industrial relations' is very broad and includes the provisions of labor, personnel management, etc. Having sound industrial relations is desirable because it safeguards the interests of both the employer and workers. It ensures a smooth system to enhance productivity and a cordial work environment. Grievance handling, trade unions, labor laws and their provisions, workers' committees are also covered in industrial relations.
I hope that after reading this, you have a fair idea of IR.
All the best