Once hot and melted, add cashews. Fry till they are golden brown in color.
Drain the excess ghee and remove it to a plate and keep it aside.
In the remaining ghee, add grated kaddu and mix.
Cook for 3-4 minutes. It will starts to soften and shrink in size.
Remove it to a plate and keep it aside.
Now take milk in the same pan. And bring it to a boil on medium heat.
Let it simmer for 8-10 minutes. Do stir every 2-3 minutes to make sure that it is not sticking to the bottom and sides of the pan. It should be reduced and thickened slightly. If making bigger batch then you may need to simmer for longer period of time.
Now add cooked pumpkin.
Also add saffron. Let it simmer for 4-5 minutes.
Now add sugar and mix. Again let it simmer for 4-5 minutes.
Now add cardamom powder and mix.
Also add fried cashew.
Lastly add rose water and stir.
Now check the consistency of the kheer. It should be thick and when you pour a ladleful of it back to the pan, it should drop in the same flow.