The Indo-Malaysian joint venture of AirAsia finally commenced its operations to skies today a month after Director General of Civil Aviation (DGCA) granted permission. Its first flight took off from Bangalore for Goa. This is the fourth budget carrier in the country. The domestic aviation industry is expected to witness severe competition with the entry of the new low-cost carrier as its Chief Executive Mittu Chandilya eirlier said that the AirAsia's fares will be about 35 per cent lower than the current market rates.