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Boil the milk in a pot, lower the flame and keep stirring till it reduces to 3/4 of the original quantity, switch off the flame, add saffron and keep aside.
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Heat ghee in a kadai and toast the almonds and raisins till golden brown.
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Remove from the vessel, keep aside.
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In the same vessel, add the grated carrot and saute for 5-6 mins.
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Add the boiled milk and simmer for 15-16 mins, stirring once in a while.
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Add honey and simmer for another 10-12 mins, stirring once in a while.
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Add the cardamom powder and toasted dry fruits.
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Serve warm or refrigerate until chilled.