Make the masala paste: Grind the 3 ingredients under masala paste. Keep aside.
Heat 2tbsp oil in a large saute pan, add the tempering ingredients and once the seeds start to splutter, add cashews, green chilies and ginger. Cook until ginger starts to smell fragrant.
Next add the grated carrot and cook for 3-4 minutes or until carrots don't smell raw anymore. Add the coconut, salt and the ground masala paste. Mix well and cook for 5 minutes on low flame.
Add cooked rice and mix well. Cook covered for 2 minutes for the flavors to mingle. Serve hot with potato chips.