Heat oil in a medium heavy-bottomed pot on medium-high.Add the bay leaves, whole cardamom, cloves, and cinnamon stick. Let sauté 1 minute.
Add the onions and sauté 4-5 minutes until translucent.
Add the ginger and garlic and stir for 2 minutes, scraping the bottom so that the ginger does not stick and burn.
Add the turmeric and give it a stir.
Add the rice.
Sauté, gently stirring occasionally, for about 2 to 3 minutes until the grains turn a little opaque.
Add salt and water. Stir them to mix with rice.
Bring the pot to a boil on high heat, uncovered. Immediately turn down the boiling water to a low simmer.
Add the peas and carrots. Stir.
Cover with a lid, and let cook on medium-low for 15 minutes. Do not uncover the lid or disturb the rice at this point.
Once the rice puffs out a bit and most of the water has evaporated, turn the heat to low and cook for 5 minutes.
Move the pot off the burner and let it sit covered for 5 minutes. Uncover and puff the rice up with a fork.
Spoon into a serving dish. Break up any rice lumps.