Heat milk in a large saucepan and add carrots, cardamom and sugar. Cook them together, stirring constantly. Reduce heat and continue cooking on medium heat for approximately 30 to 45 minutes until milk is completely absorbed. Stir constantly or the halwa could burn. Remove from heat, add sweetened condensed milk and ghee and stir vigorously until well-blended. Return pan to a low heat and continue cooking until mixture attains a dry consistency. Remove from heat and set aside.
In another saucepan, boil cream and sugar together for 5 minutes, taking care that
it doesn’t reach a temperature of more than 60˚C, otherwise the cream will curdle. Drain soaked gelatine and add to the cream mixture. Stir well.
To assemble, arrange carrot halwa and panna cotta in desired moulds. Refrigerate until set and serve cold.