In medium saucepan, heat oil over medium heat. Add onions and sauté 1 minute. Stir in garlic, cinnamon and cloves; add carrots, peas and cashews. Sauté 5 minutes.
Rinse and drain rice according to package directions. Add rice to saucepan; sauté for 2 minutes.
Add water and salt; bring to a boil. Reduce heat; cover and simmer 25 minutes.
Remove lid and gently stir; continue cooking for 5 minutes.