Soak the Ada rice in warm water for 15-20 minutes.
Wash the rice, boil in 3 cups of water. Till the rice is about 70% cooked . Drain the rice from water, smear a little ghee. Keep aside.
Heat 1 tbsp ghee in a pan, fry the cashew nuts and raisins. Keep aside.
In the same ghee, fry the chopped coconut bits till they turn a light brown. Keep aside.
Take the jaggery in a deep bottomed pan, add 3/4 cup of water, simmer for 5-7 minutes. Keep aside.
Pour the coconut milk into another pan. Add the partially cooked Ada rice, 1/3 cup of warm water and the remaining ghee, continue to cook over a medium flame till the rice is soft enough to be mashed with your fingers.
Lower the flame, gently pour in the jaggery syrup. Add a generous sprinkle of cardamom powder, simmer till the payasam starts to thicken a bit.
Switch off the flame, add the fried cashew nuts, raisins and coconut chips.
Serve warm or at room temperature.