Soak the saffron strands in 2 tbsp warm milk for 10 minutes to release its color and fragrance.
In a non-stick pan, heat ghee. Add the milk and condensed milk. Stir well and bring it to a boil on medium heat.
Once the milk mixture starts to boil, reduce the heat and gradually add the milk powder and sugar, stir continuously to avoid lumps. Cook the mixture for 5-7 minutes until it thickens.
Add the saffron-infused milk. Stir well and cook on low heat until the mixture thickens further and starts to leave the sides of the pan.
Mix in the chopped pistachios (reserve some for garnish) and cook for another 2-3 minutes until the mixture becomes a dough-like consistency.
Grease your hands with a little ghee, then divide the mixture and shape them into round pedas and flatten them slightly.
Garnish each peda with a pistachio on top. Allow them to cool and set before serving.