Wash the red rice well in water and soak for 30 minutes.

Add the soaked rice and 3 1/2 cups of water to a pressure cooker.

Pressure cook for 5 whistles until the rice is soft and well-cooked.

While the rice cooks, melt 1/2 cup of jaggery in 1/4 cup of water in a saucepan over medium heat.

Strain the jaggery water.

Once the pressure is released, open the cooker and lightly mash the rice.

Mix the strained jaggery water with the mashed rice.

Add cardamom powder to the rice and jaggery mixture.

Simmer for 5 minutes.

Add coconut milk and simmer until the payasam thickens to a creamy consistency (about 5 minutes).

In a small pan (tadka pan), heat ghee.

Fry the coconut pieces until light brown.

Add cashew nuts and fry until golden brown.

Add the fried cashew nuts and coconut pieces to the payasam.

Serve hot.