What exactly is electrical induction?

Hi Tanvir!

Electrical induction can be electrostatic induction or electromagnetic induction.

The phenomenon according to which an equal and opposite charge is induced on an uncharged body, when a charged body is held close to it, is called charging by induction (electrostatic induction).

Electromagnetic induction (or simply induction, in electrical technology) means the phenomenon of generation of emf in a conductor by varying the magnetic flux associated with it.

Cheers!!