Fry the cashews in a heavy-bottom pan in half the ghee on medium-low heat. Keep them aside for garnishing.
In the same pan, add remaining ghee and vermicelli. Roast them stirring gently for 5 minutes on medium heat. If you are using already roasted vermicelli then only cook them for a minute in the ghee.
Add milk, gulkand, half of the cashews, raisins and saffron. Cook until the kheer comes to a gentle boil. Add sugar and cook on medium low heat for another 10-15 mins. If the kheer looks thick, add some more milk to it. Add rose essence, stir well and turn the heat off. Serve hot or chilled or at room temperature.
Instant Pot Recipe:
Turn Instant Pot to sauté(normal) mode and heat ghee. Add cashews and fry them for a minute or until lightly golden.
Add vermicelli and sauté until they turn light golden brown. If using roasted vermicelli sauté for only a minute.
Add 3 cups of milk, sugar, and saffron. Mix well. Close Instant Pot with pressure valve to sealing.
Press Cook(Low Pressure) for 5 minutes followed by natural pressure release.
Open the Instant Pot, add gulkand, raisins, and rose essence, stir well.
Add more milk for a thinner consistency. Enjoy hot or chilled or at room temperature.