Rinse rice and drain. Toss rice with turmeric, garam masala, ginger, salt and sugar. Leave for 10 minutes.
In a pot, heat ghee. Add chiles, bay leaves, cinnamon, cardamom and cloves. Cook until there is a nice aroma, about 1 minute.
Add cashews and raisins and cook until golden brown.
Add rice and stir fry for 5 minutes, until the rice is well coated with the ghee.
Add green peas and 3 cups water. Bring to a boil.
Reduce to a simmer, cover and cook until rice is tender, about 20 minutes.
Alternately, you can transfer to a rice cooker and cook until done.