While the cooker is cooling down, heat the milk in a thick bottomed pan. Bring to a boil and then allow to simmer on low flame for 10 minutes, stirring frequently, while it thickens.
For a vegan version, substitute the milk with almond milk.
In another pan, melt the powdered jaggery on low flame, stirring frequently, for about 5 minutes or till the raw smell of the jaggery has disappeared. Crush any remaining lumps and stir so that the jaggery dissolves completely.
Add the jaggery water to the milk, stir it in. Add the apricots and cook on low flame for 5 minutes, stirring frequently so that it does not catch at the bottom of the pan.
Add the cooked rice, stir it in. Cook on low flame for 10 minutes, stirring frequently.
If the payasam appears too thick, stir in 1/4 cup of warm milk.
Scrape the seeds from the vanilla pod and add, or add the vanilla extract, if using.
Add the cardamom. Stir. The Black rice has a heady fragrance, so you may wish to omit the cardamom.
Add the condensed milk, cook for 5 minutes, stirring frequently. For a vegan version, omit this step.
Serve hot, garnished with pieces of the reserved apricots, some slivers of pistachio and a dash of condensed milk (almond milk for vegans)