You ask for an inductive proof, but I cannot resist a combinatorial proof when the opportunity presents itself.
The lefthand side, $\binom{n}{k}$, counts the number of $k$-element subsets of the set $\{1, 2, \dots, n\}$. Partition the collection of all such subsets according to their largest element. I will demonstrate.
The number of $k$-element subsets whose largest element is $k$ is $\binom{k-1}{k-1}$; choose $k-1$ elements from the set $\{1, 2, \dots, k-1\}$ and then include the element $k$. (This can be done in only one way, of course.)
The number of $k$-element subsets whose largest element is $k+1$ is $\binom{k}{k-1}$; choose $k-1$ elements from the set $\{1, 2, \dots, k\}$ and then include the element $k+1$.
In general, the number of $k$-element subsets whose largest element is $m+1$ is $\binom{m}{k-1}$; choose $k-1$ elements from the set $\{1, 2, \dots, m\}$ and then include the element $m+1$. Summing over $m$ gives the desired identity.