THE US Administration is adopting a wait-and-watch approach to the formation of a new government in New Delhi. Washington hopes to engage a BJP-led government in strategic discussions as soon as it is formed. At the same time, however, US policy planners and observers are voicing concern about the party's more 'intemperate' posture on security issues. On foreign investment, analysts feel that political stability and confirmation of economic reforms would be the key, not the ideological character of the government.