Wash basmati rice and soak in water for 15 minutes.
Bring milk to a boil in a thick pot.
Add drained rice and simmer on low heat for 30 minutes, stirring frequently until rice breaks down and thickens milk.
Stir in sugar, chopped cashews, and raisins; cook for another 8 minutes.
Add cardamom powder, remove from flame, and serve warm or chilled.