The peace process with Pakistan will never work because of one simple reason. Pakistan's identity crisis.
A nation state has a unique identity that determines all actions taken by the state. This identity comes from their history and especially the highest point in their history through which they view their future as a Nation.
For example Indians regard highest point in our history our Vedic age, where we influenced half the known world with our culture, knowledge and religion. We see future from the prism of our golden age and we are striving to replicate the same in future.
Pakistan being part of ancient vedic India has a similar history but because of their foundation of nation based purely on rejection of Dharma, they disregarded their true Sanatani past. They find their ancesty and history in Arabs, Central Asians, Persians, Afghans, Turks and even sometimes Mongolians who share little to no similarity with them. This creates major identity and history crisis.
So what is Pakistan's history? What is their high point? What was their mark on world?
Pakistan's history began in 1947 which is also their shining time as they devided a major civilization state and changed geography of subcontinent. This is their mark on the world.
So how do they see their future?
Pakistan sees future with prism of 1947 and want to replicate their golden achivement once again by dividing India again. Hence Kashmir is their national obsession. Kashmir isn't about territory as if it were the case loss of major east Pakistan in 1971, would have them rethink their ways but they haven't. They have accepted Bangladesh as an independent nation and even opened their embassy there. Meanwhile they can't even acknowledge Indian administered Kashmir. Why? Simply1947 prism and their itch to divide India again to revalidate their existence.
They don't have any fixed timeline. They are waiting for some major power to somehow wrestle a piece of land from India and donate to Pakistan just like UK did in 1947. In the meantime they will spread the violence against India to show the world and India that if their demand isn't met there won't be any peace.
So what about this peace initiative?
One word: Time
They need time to survive to witness their glory day. Rightnow Pakistan is in major economical, political and regional crisis. This has put doubts on the very survival of the Pakistani state. So they need some breathing room and thus the ruse of peace. This isn't new though, they play same hand of peace whenever they face any major internal crisis.
Conclusion
Pakistan will never change as doing it will go aginst their national identity. Being anti India is Pakistan's identity and therefore India will never get true peace with its western neighbour in foreseeable future.