Yep, you essentially sear then fry the carrots together with the onions, add meat, then shortly after you add enough stock to barely cover the meat, and stir from time to time. You wanna add the spices while the meat is stewing, or shortly before you add the stock, you only really need salt, pepper, curcuma, thats where the orange color comes from, allspice and bay leaf. After that you pour in the rice, basmati or parboiled are both fine, stir it thoroughly, turn down the heat to low and put a lid on it. Then add water or stock if needed until the rice is done.
Traditionally you want a big ass cast iron pot, as its a dish for family gatherings. If youre a degenerate you can add raisins but personally I find it a bit too sweet. For meat, traditionally its mutton, personally I like beef, but you can use any meat really, just make sure its not too fatty. Also you want to use sunflower oil specifically, filtered or unfiltered doesnt matter. Olive oil is way too heavy and what burgers call vegetable oil adds a wierd taste thats not supposed to be there.
Thats about it, its essentially mongol risotto.