Rinse the rice under cold water. In a large pot, add the water and the rinsed rice, along with the sugar, cloves, cinnamon sticks, and lemon peel. Stir until the sugar dissolves, then cover and cook over medium heat for 10 minutes.
Remove the lid and stir. Add 1 cup of milk, cover, and cook for 5 minutes.
Remove the lid, stir, and add another cup of milk. Cover and cook for 5 minutes. Repeat one more time: stir, add 1 cup of milk, cover, and cook for 5 minutes.
Once the rice has been cooking for about 30 minutes, remove the cinnamon sticks, cloves, and lemon peel. This prevents the rice pudding from developing an overpowering or slightly bitter taste.
Add 2 more cups of milk and stir. Cover and cook for 5–10 minutes, or until rice is fully cooked.
Gradually add the powdered milk, stirring well after each addition to avoid lumps. You can also dissolve the powdered milk in a cup of water, not listed in the ingredients, before adding it to the rice pudding if you prefer a smoother incorporation.
Add the condensed milk, 2 more cups of milk, vanilla extract, and salt. If using raisins, add them at this stage. Stir constantly, this step is important to achieve a creamy rice pudding, prevent lumps, and avoid scorching the milk and sugar at the bottom of the pot.
Stir and continue cooking for 7 to 10 minutes, or until the rice pudding reaches your desired consistency. Once you’re happy with the texture, transfer it to a bowl and let it cool naturally, or place the bowl over an ice bath if you’d like to speed up the cooling process.