Pour the water, milk powder, sugar, cardamom pods, and saffron into a heavy-bottomed pot and stir everything together. Set the pot over medium heat and cook, stirring regularly, until it comes to a gentle boil. Reduce the heat and let it simmer steadily.
Allow the mixture to simmer for about 30-45 minutes, or until it has cooked down to half its original volume. Keep stirring from time to time so the milk doesn’t stick or scorch.
Once it has thickened, scoop out about ½ cup of this rabdi and set it aside - you’ll need it for the cake soak later.
To the remaining mixture, add the cornstarch slurry, mix well, and cook for another 3–5 minutes until it thickens further. Take it off the heat, remove the cardamom pods, and let it cool completely.