First, take the jaggery and soak it in ¾ cup water for 30 to 45 minutes.
Pick, clean and wash the rice. Soak the rice for 15 to 20 minutes.
In a stovetop pressure cooker add the rice and ¾ cup water.
Pressure cook for 2 to 3 minutes on medium to medium high heat. The rice should be half cooked. Once the pressure settles down on its own, then only open the cooker lid.
Fluff the rice in the cooker itself with a fork.
Add the jaggery dissolved in water plus the oil. Stir it gently with the half cooked rice.
Now add the cardamom, cloves, bay leaf, raisins and peanuts.
Stir this too gently with the rice mixture.
Now close the cooker with the lid and pressure cook again for 2 to 3 minutes on medium heat.
When the pressure falls down on its own in the pressure cooker then only open the lid.
Garnish the cooked jaggery rice with dry fruits and nuts of your choice.
Serve jaggery rice hot or warm, as it is or with some milk.
Notes
The recipe can be scaled to make a big batch of the jaggery rice.
Use a good quality and fresh jaggery which is in its shelf life. Don't use jaggery which has become rancid or has moulds or insects.
Preferably use aged basmati rice.
You can add your choice of nuts and dry fruits. The addition of peanuts is optional and can be skipped.