Heat ghee in a pan (preferably non-stick)on low flame. Add milk, cream and mix it well.
Add milk powder and stir continuously on low flame until it thickens and separates the sides of the pan. Keep it aside and let it cool down completely.
Soak the saffron strands in lukewarm milk and keep it aside.
Preheat the oven to 180 C. Grease a cake pan, dust it with flour or line it with parchment paper.
Sieve all-purpose flour, baking powder, cardamom powder and salt 2-3 times and keep it aside.
In a bowl, add butter and sugar, whisk well until light and fluffy.
Add curd and whisk well.
Add mawa and cardamom powder and mix it well.
Mix dry mixture. Add in 2-3 batches & fold it into the batter with a spatula. Mix it well. Do not over mix.
Add saffron milk and whisk well.
Pour batter into the prepared pan, level it with a spatula and tap it 2-3 times to release air bubbles. Sprinkle slivered nuts on the cake batter.
Bake it for 50-55 minutes or till a skewer inserted in the centre comes out clean.
Let it cool down for 5-10 minutes. Loosen up the sides with the help of a knife, then transfer it to the wire rack. Let it cool down completely.
Mawa cake is ready to serve.