Add all the ingredients water, evaporated milk, whole milk, cardamom powder, a pinch of saffron, sugar, and condensed milk in this order to the stainless steel insert of the Instant Pot. Mix well until combined.

Close the lid with vent to sealing and cook on manual high for 1 minute followed by natural release. Don't do the quick release as the milk will splatter all around.

Once the pin drops, open the lid and mix well.

Preheat the oven to 350°F. Line an 8 inch round baking pan with parchment. Spray oil (lightly) on the pan and on the parchment paper. Keep aside.

In a large mixing bowl (or stand mixer bowl) add all the wet ingredients like yogurt, rasmalai milk, oil, and sugar and whisk until sugar is completely dissolved and the mixture is smooth.

Sift the dry ingredients, all-purpose flour, baking powder, baking soda, salt, and cardamom powder into the wet mixture.

Gently fold the dry mixture into the wet until everything is well combined and smooth (do not over-mix).

Pour the batter into the lined baking pan. Bake at 350°F for 20-25 mins or until a toothpick inserted at the center of the cake comes out clean.

Remove from oven and let it stand in the pan for 5-10 mins after which transfer it onto a wire rack to cool completely.

Cover the cake with cling wrap and refrigerate for 1-2 hours or overnight so the cake can soak up all the milk.

Keep the wire hook attachment and the stand mixer bowl in the freezer for 15 minutes just before you make the frosting and chill the whipped cream in the refrigerator.

Starting low, slowly increases the stand mixer speed to medium-high (6-8). Beat for about 2-4 mins or until you see the cream thickening.

At this point add the vanilla extract and powdered sugar (begin with ½ cup and increase as needed). I added about ¾ cup.

Start at low speed again to prevent the powdered sugar from flying all over your kitchen. Slowly increase the speed to medium-high (6-8).

Beat for another 2-3 minutes or until you see the cream has thickened and is keeping its shape (or forming stiff peaks).

Remove the chilled soaked cake and place it on the cake stand or the serving plate, add a tablespoon of the frosting at the center of the cake stand. This will act as glue to hold the cake in place

Add a generous amount of frosting to the cake and using a spatula spread it out evenly on the top part only as much as possible. It doesn't need to be perfect.

Sprinkle some dry fruits like sliced almonds and chopped pistachios evenly over the frosting.

Finally, finish it with some dry rose petals and light drizzle of rasmalai milk.

Optional - You can also add some saffron threads and edible gold leaf for a more festive look.

Soft, moist, and delicious Rasmalai cake is ready! Slice and serve or keep refrigerated.