Is attending induction compulsory? Is it something that can be attended via phone without video?
What do they do in induction?

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Please attend it! It's for your own good, you will get to know about the company and work culture your benefits how to get to hr and it helpdesk etc.
Moreover any doubts related pf/ nps transfer, leaves and office policy, medical insurance etc. you can freely discuss with hr directly.
Also you might make some friends on first day from diff. Departments , it's good have connections in new org. :)

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I was talking about the HR induction invite which we have to do online after a month of joining.

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You can attend online

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