I don't believe King Gyanendra is our national unifier. This is why I don't subscribe to the theory that without the king there will be no Nepal. It is illogical to say the nation won't exist without a monarch just because we are geographically sandwiched between China and India.
In this day and age, a country can't simply annex another. People must stop worrying about Nepal being overrun. China is engaged in its own affairs and though we have problems with India, they are relatively small and usually stem from having an open border. Of course, both our neighbours are interested in Nepal. When we establish ourselves as a republic, we must not be used by one country against the other. If we adopt a balanced foreign policy, we will face no danger from these neighbours. They don't care what system we have in Nepal. Therefore, the theory that the monarchy is necessary to save the country is nonsense.
It is stupid to compare Nepal with Sikkim. The latter was never an independent state, not even like Bhutan. If anyone thinks that the government of a republican Nepal will Sikkimise the country, that means they have no faith in the people. We must bolster national interest and protection among Nepalis. Our leaders do not run the government properly, they lack longterm vision. All they have done is rely on India to grab state power. Then, when something goes wrong, they worry about India, thinking it can make or break them.
Nepal cannot have a constitutional monarchy anymore, we have come to the point when there will either be an active monarchy or a republic. I see a strong possibility for a republican Nepal. Those advocating the monarchy lack confidence and vision. The political parties are also unclear about their future course and this has made them unable to lead the republican agenda.
During the Panchayat era, there was much speculation that the country would split under the multiparty system. It didn't happen. Now we hear predictions that we will lose our national identity if we opt for a republican system. We have already seen that we cannot have a figurehead monarch like in the UK. No one wishes to see an active monarchy. This leaves us with no option but a republican system. There is no guarantee that even this will be permanent. Some republics have brought back their king. We need to think things through before we finally settle on a republic.