Rinse the basmati rice and soak it in water until the grains soften enough to grind.

Drain the soaked rice and grind it in a blender with a little water into a coarse, grainy paste, not a smooth one.

Bring the milk to a boil in a heavy-bottomed kadai, stirring occasionally to prevent it from catching at the bottom.

Add the ground rice to the boiling milk and simmer on low heat, stirring occasionally, until the mixture thickens and coats the back of a spoon.

Stir in the sugar and saffron strands, cooking until the sugar dissolves completely and the mixture turns a light golden color.

Stir in the cardamom powder and rose water, then turn off the heat once the phirni reaches a thick, pourable, custard-like consistency.

Pour the warm phirni into individual earthen kulhads or serving bowls, filling each about three-quarters full.

Refrigerate the filled kulhads for at least three hours, until the phirni is fully set and chilled through.

Garnish each kulhad with slivered almonds and pistachios just before serving cold.