Triple wash and soak long grain basmati rice for 30 minutes, later drain all the water, and set it aside.
Add saffron strands in some warm milk and set aside.
In the inner pot of an instant pot, turn on the SAUTE mode (Medium), heat 1 tbsp of oil, add paneer cubes, and sauté for 30 seconds. Transfer the dry fruits and nuts and sauté for another 30 seconds. Transfer the paneer and nuts onto a plate.
Add 1 tbsp oil in the inner pot, transfer the onions, add 1⁄4 tsp salt, and sauté until golden brown. Use a splash of water to prevent them from burning. Transfer the onions to the plate.
Heat some ghee and oil in the inner pot, add cumin seeds, and let them splutter.
Next, add black pepper, cloves, cinnamon stick, bay leaves, cardamom, and sauté for 10 seconds.
Transfer the onions and sauté until they caramelize. Transfer the dry fruits, nuts, paneer, and mix them.
Next, add the veggies, salt, and mix them well.
Transfer the rice to the veggies, add the pulao masala if using, and mix it well.
CANCEL the SAUTE mode, add 1 ¾ cup of water, saffron milk, mix, and adjust the salt at this point.
Close the lid on your Instant pot, making sure the valve is set to sealing.
Turn on the MANUAL/PRESSURE COOK button (Low Pressure) and set the timer to 10 minutes.
Let the pressure naturally release (NRP) for 12-15 minutes.
Once the pressure is released, fluff the rice with a fork and serve hot.