In a pan, add jaggery and water. Heat on medium flame and stir until the jaggery melts completely. Do not overboil. Switch off the flame and let it cool.
Once the jaggery syrup has cooled, add thick coconut milk and mix well. Keep this mixture aside.
In a mixing bowl, add rava and wheat flour. Mix well so both ingredients are evenly combined.
Slowly pour the jaggery and coconut milk mixture into the dry ingredients. Mix continuously using a whisk or spoon to avoid lumps.
Mix until you get a smooth batter with a slightly thick, flowing consistency. If needed, add a little water or coconut milk.
Add salt, cardamom powder, and ghee. Mix well until everything is combined.
Just before cooking, add baking soda and mix gently. Do not overmix.
Place the paniyaram pan on medium flame and add ghee into each cavity. Let it heat slightly.
Pour the batter into each cavity until almost full. Do not overfill.
Cook on medium flame for 2–3 minutes. You will see bubbles forming and edges getting firm.
Gently flip each paniyaram using a stick or spoon. Cook the other side until golden brown and slightly crispy.
Remove from the pan and serve hot. Enjoy soft inside and crispy outside paniyaram.