To prepare the rice, first cover it with water in a medium bowl and swish it around to remove any excess starch. Then drain the rice using a fine mesh sieve and rinse again until the water runs almost clear. Then drain the rice as well as you can. You want to remove as much excess water as possible from the rinsing or your rice will be mushy.
Put the rinsed and drained rice, water, bay leaf, salt, and pinches of garlic powder (if using) into a medium saucepan and bring to a boil. *See notes below about the amount of water.
Once the rice has come to a boil, cover the saucepan with a tight fitting lid, lower the heat, and simmer for 15 to 18 minutes making sure not to remove the lid at any point. If your pot has a clear lid you will be able to see when the water has been absorbed by the rice. If you don't have a clear lid you can take a peek at 15 minutes, but be sure to put the lid back on quickly. Once the rice is done, remove it from the heat and let it sit for 5 minutes with the lid tightly on.
When the rice is done, fluff it with a fork and lay it out on a sheet pan to cool for about 3-5 minutes. I do this because tossing hot basmati rice can make it break into little pieces.
Put the warm rice into a large bowl then drizzle with the olive oil, half of the lime juice, and chopped cilantro. Then toss to combine.
Now, taste your rice and season with more lime juice and salt if desired.
To serve, top with more fresh chopped cilantro.
Use the rice as side dish, in bowls, burritos, and more!
Leftovers will keep in the fridge for up to 7 days or in the freezer for up to 3 months in an airtight container or freezer bag.