India should definitely reject any petitions by US on restarting peace talks with Pakistan.
Before 2004, it was the Pakistani Army that held the most cards in hand regarding terrorist bombings in India through their proxies LeT, JeM, Harkut-ul-Mujahideen, etc. All these groups were fully owned subsidiaries of the Pakistani Army, with strong associations to Al-Qaida, which was tolerated, even encouraged by ISI to increase the level of Islamic Jihadist conviction, and to increase their logistical reach.
I genuinely doubt, that at the moment when Pakistan is going after the TTP, which had support from many Arab groups, Uzbeks, Uighurs, Chechens, etc., that Al Qaida will be in love with their TSPA counterparts. So many militant organizations are at the moment under dual pulls, from TSPA and from Al Qaida.
Mumbai Terror Attacks, IMHO, was the work of LeT at the prodding of Al Qaida and complicity of some ISI generals with the main reason to pull Indian troops to the Indo-Pak border, which would have given the TSPA both an excuse and relief from not having to face the Taliban in Pakistan or do US bidding on curtailing the activities of the Afghan Taliban. That did not come to pass, because our 'Chanakyan' PMO and NSA saw through this plan!
Now both TSPA and Al Qaida/TTP combine are in a tussle in NWFP+FATA! The group that perpetrated the Mumbai attacks did go away with medals for a successful attack, but with little else. They could not prevent that TSPA goes to war with the TTP, and have to live with the fact, that India will not increase our troops on the border, which would have caused TSPA to move much of their troops there too.
However another round of peace talks and WKK orgies would definitely allow TSPA for a short time to make even more troops from the border available for their fight for control of the area, which would not be liked by the groups like TTP who are already under severe pressure. In this case, the chances that the groups, who perpetrated the Mumbai Terror Attacks, would again attack India, will increase, and WE DON'T WANT THAT.
Attacking Pakistan right now or at any other given moment, will bring the Islamist forces together. TSPA and Al Qaida/TTP will again luncheon together. However just increasing the Indian forces on the border, putting up a threatening posture, would mean that the Islamist forces continue with their internal deathmatch, and we can give our favorite celebrity a shot in the arm, a little leg up, and I believe that favorite would not be the TSPA. At least we should be keeping the forces at their current levels on the border.
At the moment TSPA is busy and would not want more LeT attacks in India. They do not want to come under fire from two sides. So they will keep back for the moment. We only have to ensure that India too keeps back from giving Al Qaida a reason to attack India. SO PLEASE NO MORE TALKS WITH THE PAKIS!
As long as TSPA and Al Qaida/TTP are in a fight, we should not show any inclination towards Pakistan, firstly because TSPA is our enemy and we want our enemy to get a bloody nose, and secondly because a bout of friendship right now, would make us more vulnerable to terror attacks.
Basically America is asking us to become their sponge, and we don't want that, do we?
We have a perfect reason to resist talks, regardless of what US says. Let us use it.
Right now, when the opponent is under siege, what we don't want is a Prithviraj Chauhan moment in Delhi. What we don't want is the GoI to develop a mood of magnanimity towards the TSPA, hoping that they will remember this gesture of friendliness and repay India with enduring peace and cooperation. This time it is time to go for the kill! Magnanimity can be shown when TSPA have morphed into Pakjab Self-Defence Forces, someday in the future!
The more TSPA come under attacks from TTP and Al Qaida, the more it will be willing to cozy up to India, and we should be there giving them some polite platitudes, but we should not be the ones to pull their marbles our of the fire. The more their marshmallows roast the more they will mellow towards India. Show no haste!