What is the importance of industrial relation in an organization?

Strong industrial relations are essential to the triumph of an industry and financial system for the basis of higher production with minimum cost and higher profits. In addition industrial relations result in increased efficiency of workers. Their importance is mainly based on uninterrupted production, reduction in industrial disputes, high morale, mental revolution and reduced wastage. New and new projects possibly will be introduced for the wellbeing of the employees and to encourage the confidence of the employees at work. A financial system organized for deliberate production and distribution, aiming at the understanding of social justice and welfare of the kneading can function effectively merely in an environment of industrial tranquility. If the double objectives of speedy countrywide growth and improved communal fairness are to be accomplished, there must be pleasant-sounding association between management and employment.