Nepal is witnessing a surge in pro-monarchy protests, driven by widespread discontent over corruption, misgovernance, and political instability. While these demonstrations reflect frustration with the current system, they also underscore the country’s delicate position between two regional giants—India and China. Both nations have a vested interest in Nepal’s political trajectory, raising questions about whether external influences are shaping this growing unrest. Is the return of the monarchy a genuine possibility, or is this turmoil merely a symptom of deeper governance failures? In an exclusive interview for Frontline Conversations, senior journalist Nirupama Subramanian speaks to India’s former Ambassador to Nepal (2013–17), Ranjit Rae. Rae examines the resurgence of monarchist sentiment, the shortcomings of Nepal’s political leadership, and the broader geopolitical forces at play.