Mate, i am all for peace, but i think u are not thinking rationally here, an agreement b/w two nations is signed only when there is a win-win situation for both, but as i can see the only benefiting nation here is Pakistan:
1. Pakistan's only threat is India, with a no war pact it will be at ease & will be able to reduce it's nuclear stockpile as well as military budget since Afghanistan & Iran (Pakistan's other neighbors) present no credible threat to it, while India who have other threats to cater (China, IOR, etc.) will not be able to reduce it's military expenditure which is only 2% of GDP anyways.
2. As i said in my earlier post, it will give a free licence to Pakistan to go for covert operations against India with no threat of war.
3. These agreements are not cast in stone & can be broken anytime, but we know it was never India that had broken any agreement but Pakistan, eg being Kargil which was blatant disregard of Shimla & lahore agreements (which calls for maintaining status quo along LOC), b'coz of these agreements India used to remove it's troops from icy heights but we were betrayed by Pakistani ambitions.
I have heard of this "no war pact" idea before also, but every time it's from the Pakistani sides, if this is good for both, why don't u think Indian strategic community calls for the same?? Also, i don't understand why every time military budget becomes the topic for bashing & not the rampant corruption or some other budget?? Is India's defence budget responsible for every evil that prevails in Indian society?? Indian defence budget is only 2% of GDP while the world average is close to 3%, also India is the country which was always at the receiving end from a foreign attack since the time of Alexander, don't u think that we should make our defences strong this time so that no country can ever attack us, i know we have many poor population who are at the need of food, education,etc. but if there will be no country to tackle these issue (if say some outside power attacks), than how will we do it in the first place??