Wash the rice a couple of times and keep it aside. No need to soak it in water.
Turn on the Instant pot in saute mode. Add ghee and once it melts, add cumin seeds, fry for 10 seconds.
Then add the slit green chilies, cinnamon stick, bay leaf, cloves, and peppercorns to the pot. Next, add the cashews and fry till they turn light golden.
Add the rinsed rice and saute for a couple of seconds. This step is important as it helps to ensure that you get separate grains when cooked.
Then add half of the chopped cilantro. Add salt, give it a good mix and cook for a minute.
Next add 2 1/2 cups of water, mix, and turn off the Instant Pot.
Close the lid with the vent in the sealing position. Select pressure or manual mode and cook for 4 minutes. Release the pressure 5 minutes after the pot beeps.
Open and fluff the rice lightly using a fork. Garnish with cilantro and serve.