In chess, initiative is a crucial aspect that can greatly influence the outcome of the game. It refers to the player's control over the pace and direction of play, and the ability to dictate the moves of the opponent. The player with the initiative has the advantage of being able to make threats, create tactical opportunities, and force their opponent to react to their moves. GM Ramesh explains the advanced concepts in this interaction with Grandmasters Aravindh Chithambaram and Karthikeyan Murali.