After a baseball player's induction into the Baseball Hall of Fame, his name remains on the wall there for life. Induction is something that begins a process or a series of events.
In college, you rush a fraternity, become a pledge, and then receive a pin at the induction ceremony. The word has a meaning in an electrical context as well. When two wires touch each other, they conduct electricity. When the current passes wirelessly between two conductors, it's called induction.