Place the rice in a bowl and cover with a few inches of cold water; let soak for 1 hour. Drain in a sieve.
Bring the milk to a boil in a heavy-bottomed saucepan; stir the rice, coconut, white sugar, jaggery, and cardamom into the milk. Reduce heat to low and cook until the rice is tender and the mixture is thick and creamy, 30 to 45 minutes.
Heat the ghee in a small skillet over medium heat. Fry the cashews and raisins in the ghee until the cashews are lightly browned and the raisins plump; stir the mixture into the rice. Eat right away, or better, chill in the refrigerator for a few hours and serve. If the kheer gets too thick, thin it out with some milk.
