For making the caramel syrup

Place a heavy-bottomed pan on the stove and add the sugar to the pan. Sprinkle little water on the sides. Do not disturb or saute the mixture. The sugar will form crystals. Let it just be. The heat of the pan will slowly make the sugar dissolve. After dissolving, it will slowly start to brown on the edges. After about a couple of minutes, it will become dark and amber. At that stage, gently mix with a silicone spatula.

Be careful while making caramel syrup as the caramel will be very hot and a small careless ness will leave one with burnt skin.

At this stage, add hot water. Mix well and switch off the flame. The caramel syrup is ready. Set aside.

To make the payasam

Pour a liter of milk into the instant pot. Pulse the rice in a small mixie/coffee grinder to make it into bits. Do not make it into a powder. We need the rice broken coarsely. Add the broken rice to the instant pot. Add the sugar and the caramel syrup. Mix well to combine.

Close the instant pot, lock the lid into place, and set the pressure release knob to the sealing position.
Select and press the steam function on the instant pot. Set the timer for 45 minutes.

After 45 minutes, wait for the pressure to cool completely. DO NOT release pressure as the milk inside will foam up and spill everywhere. Open the instant pot after the pressure settles.

Mix well. The cream would have formed a layer on top. You can remove the cream layer, whisk well, strain, and then add it back for a creamier texture.

Heat a small kadai and roast the broken cashews in ghee till golden. Once the cashews are golden, add the raisins and saute for a few seconds. Add the roasted nuts and raisins to the payasam.

Finally, add the vanilla extract. The vanilla and caramel flavors go together really well.

Now, Refrigerate the payasam for at least 6 hours. After refrigeration, the payasam will be very creamy and the texture will be to die for.

Serve chilled. This payasam tastes best when served really cold.