Heat ghee in a small pan. When hot fry the cashew nuts until golden. Remove it on a plate.
Next add the raisins and saute until they turn plump. Remove it on a plate and keep it aside.
Add milk in a large saucepan and bring it to a boil. Keep stirring so that it doesn't stick to the bottom.
Next add the drained rice and cook on medium low heat stirring every 2-3 minutes. Cook until the rice is cooked through and soft. The milk will reduce after 25 minutes and the rice will be completely cooked and the kheer will look thick.
Now add 2-3 tbsp of sugar and cardamom powder and mix it well.
Mean while start making the caramel. Add water and sugar in a heavy bottomed pan on a medium heat. Slowly swirl the pan (Do not stir until) the sugar is dissolved.
In around 10-12 minutes it will start changing colour.
Once it starts to darken swirl the pan continuously until the syrup is deep amber. remove from the heat. Add 2 tbsps of water to bring down the temperature. (it will bubble up a bit)
Then slowly add the caramel to the kheer and mix it well. Continue cooking on low heat for another 8-10 minutes.
Finally add the cashew nuts and raisins and mix it well. Take it off the heat.