The Industrial Disputes Act of 1947 aims to maintain industrial peace by establishing procedures for investigating and settling disputes between employers and employees. It outlines terms such as retrenchment, layoff procedures, and governs the roles of various authorities in dispute resolution, including works committees, conciliation officers, and tribunals. The Act defines key concepts like 'industrial dispute' and 'settlement' and authorizes the government to create boards and tribunals for effective mediation and adjudication.