Besides chopping the veggies, wash the basmati rice 2-3 times under running water and then soak it in water for 15 minutes. Then drain the water and keep it aside for now.
Now turn on the Instant Pot and select the 'Saute' mode. Add cooking oil to the pot and add the cumin seeds, bay leaf, cinnamon stick, cloves, and peppercorns. You can also add some cashews at this point if you like.
Once the cumin seeds begin to crackle (which means the oil is hot enough), add chopped onions, minced garlic, and green chilies along with the ginger paste.
Saute for a couple of seconds or till the onions turn translucent. Then add chopped mint leaves, cilantro, and potatoes. Mix it all together and saute for another minute.
Next, add the dry spices like garam masala and coriander-cumin powder along with salt. Mix and cook the masala for 15 more seconds.
Then add in the green peas and coconut. Give it a mix.
Now, add the soaked basmati rice, water, and more salt if needed. Give it a mix and turn off the Instant Pot. Secure the lid, close the pressure valve, and cook for 8 minutes at high pressure in manual mode.
Once done, let the pressure release naturally for 10 minutes, then open the valve to release any remaining pressure.
Garnish this Instant Pot potato pudina rice with chopped mint and cilantro. Squeeze lemon juice on top. You may also add some chopped raw onions for more flavor. Serve it warm.