Soak chana dal for 1 hour. Combine soaked dal and rice. Pressure cook with 3½cups of water for 4-5 whistles. Whisk the dal mixture and set aside.

Combine Jaggery and ½cup of water in a thick bottomed pan. Simmer until  jaggery melts. Strain through a fine muslin cloth to remove the dirt.

Add dal mixture to jaggery along with 2 cups of milk. Continue to simmer.

After 10 minutes, add the rest of the milk and simmer for at least 20 minutes.

Add grated coconut, coconut milk and ground cardamom. Cook for 2-3 minutes and remove from heat.

Meanwhile heat 1tbsp ghee in a small saucepan; fry cashews and raisins until golden. Add to the payasam.

Serve warm or at room temperature or chilled.