What is purpose of /init

Hi,

I just saw contents of /init on my system.

#!/bin/sh
# devtmpfs does not get automounted for initramfs
/bin/mount -t devtmpfs devtmpfs /dev
exec 0</dev/console
exec 1>/dev/console
exec 2>/dev/console
exec /sbin/init $*

Can someone explain what is meant for ?

Regards,
Rahul B.