Heat cooking oil in a large non-stick pan over medium heat. Pan-fry raw unsalted cashew pieces until golden brown. Remove the fried cashews and set them aside.
In the same pan, add Phool Makhana and pan-fry them in the remaining oil until crispy and lightly golden. Remove the fried Phool Makhana from the pan and set them aside.
In a blender, combine coconut milk, the previously fried cashews, green chili (stem removed), grated fresh ginger, and medium-sized tomato (quartered). Blend the mixture until smooth and set it aside.
In the same pan, add cooking oil. When the oil is hot, add cumin seeds, letting them splutter. Then, add asafoetida, turmeric powder, and curry leaves. Stir briefly to release the flavors.
Carefully pour the blended mixture into the pan, along with minced cilantro leaves and salt. Stir everything together and let it simmer for a few minutes until the color darkens and the curry is hot and thick.
Add back the fried Phool Makhana to the curry. Toss them gently in the creamy sauce until well coated.
Serve the Phool Makhana Sabzi immediately to preserve its crispy texture. Garnish with lightly fried cashew pieces, fresh cilantro leaves, and optional chili powder.