Soak the rice in water for 30 minutes or overnight. Rinse well in water until it runs clear.
In a medium saucepan, add milk, cardamom powder, and sweetener. Turn the heat to medium-high and bring the milk mixture to a gentle boil.
Immediately reduce the heat to medium-low and add Basmati rice. Stir gently.
Simmer until the milk starts to thicken and the rice is tender. It will take about 20-30 minutes for the rice to milk to reduce to about half its original amount. Stir frequently.
Turn off the heat and let the Indian rice pudding cool down for a few minutes. Add additional toppings, if desired, and serve or store for later.
To save the rice pudding for later, cool it down completely before storing it in an air-tight glass container in the refrigerator for up to 3 days.Serve either warm or cold. To reheat the rice pudding, warm it in a small saucepan on medium-low heat, stirring frequently.