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Toss shrimp, bay leaves, cinnamon, cloves, turmeric, garam masala, and cardamom in a large bowl until shrimp are well coated; season with salt. Cover bowl with a damp cloth and chill 1 hour. Remove and discard bay leaves, cinnamon, and cloves.
Heat oil in a large high-sided skillet over medium-high. Add onion, ginger, cumin, red pepper powder, and sugar and cook, stirring, until onion is translucent, about 5 minutes. Add coconut milk and yogurt and whisk until smooth, then add shrimp and ghee and simmer, turning shrimp halfway through, until shrimp are cooked through, 7–8 minutes. Taste and season with salt.
Top with cilantro and serve with rice and lime wedges.
*Most mustard oils are not FDA-approved as edible in the United States due to their high erucic acid content. If you are concerned, look for Yandilla, an FDA-approved brand, online, or use olive oil instead.