magnetizing current is the absolute minimum current, any piece of electrical equipment, requires to overcome it's own losses. A poor design and manufactured piece of equipment will have a higher magnetizing current than one of a better design and better manufactured.
In other words the current drawn to keep itself going, without driving any external load. Its the minimum current the equipment will draw from the supply.
what is a magnetizing current - Any electromagnetic device - motor, generator, transformers etc first establishes a magnetic field (flux). The energy transformation takes place through this field. Eg the drawn energy tries to weaken it and then the input side supplies the energy to overcome this weakening. For successful transformation, a minimum field is necessary and that is generated by the input current. This current (for this minimum field) is the magnetising current.
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Is this primary side current drawn to convert voltage ratio for Transformer primary input to getting secondary out put at no load due to mutual induction ?
The same way for Induction motor stator current drawn to rotate the rotor due to mutual induction?