Heat a pan, add 1-1/2 tbsp ghee, add phool makhana and roast over low flame till crisp and crunchy. Keep aside.
Add milk in a sauce pan and bring to a boil.
Remove 2 tbsp milk into a small bowl and soak the saffron strands in it.
Simmer the flame and let the milk thicken and reduce a bit. This should take 7 to 8 mins.
Add cane sugar, cardamom powder and mix well.
Crush the saffron strands and add the saffron milk to the simmering milk.
Add roasted phool makhana and simmer for 2 to 3 more mins.
Heat a tempering pan, add ghee, cashew nuts and roast till brown.
Transfer to the simmering kheer, mix well and take off flame.
Let it cool down completely.
Refrigerate and serve this phool makhana kheer chilled.