The Factories Act of 1948 aims to regulate labor in factories and ensure adequate safety and welfare of workers. It applies to factories with 10 or more workers and covers provisions around working hours, holidays, health, safety, welfare amenities and penalties. The act has been amended over time and now consists of 11 chapters covering topics such as hazardous processes, annual leave, definitions of who is considered a worker or child, and powers of inspection. Its overall goal is to protect vulnerable groups working in factories and provide a safe working environment for all.