Industrial relations can be defined as the relation between management and union or between representatives of employers and representatives of employees. The study of industrial relations is also referred to as ‘employment relations’, which covers all aspects of relation between employer and employee and encompasses both unionised and non-unionised situation. So as long as people are needed in industry, industrial relations will remain an area of concern as well as influence in affecting the performance of the organisation. The last decade has witnessed monument changes in social, political and economic system around the world. It is very important to note that due recognition has been given for maintaining peaceful relations at workplace. The abundant physical resources alone cannot benefit the growth of the nation as a whole, without the contribution of the industries that play an active role in the modern economic scenario by transforming the physical resources into productive resources. The key elements in this proposition are the values, attitude, general orientation and quality of people of a country that determines its growth and development as the relations at workplace which have undergone a sea change over time. Further maintenance of industrial peace and industrial democracy plays a vital role in the economy as the industries cannot afford industrial unrest in the context of global competition. An attempt has also been made to understand the role of dispute prevention and settlement machinery in maintaining better industrial relations for the benefit of the nation. This book provides insights into the complex and diverse concepts of industrial relations with a wider perspective of the situation.