Triple wash long grain basmati rice, drain all the water, and set it aside.
In the inner pot of an instant pot, turn on the SAUTE mode (Medium), heat 2 tbsp of oil, 1 tbsp ghee, add cumin seeds, and let them splutter.
Next, add peppercorns, a cinnamon stick, black cardamom, bay leaves, onions, crushed ginger, garlic, green chillies, and sauté for 30 seconds.
Add the cashew nuts and sauté for 5 seconds.
Transfer the carrots, spinach, and stir for 10 seconds.
Add all the spice powders, salt, and mix well.
Transfer the drained rice and sauté for 20 seconds. CANCEL the SAUTE mode, add 1 ¾ th cup of water, 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 (High Pressure) and set the timer to 6 minutes.
Turn on the DELAY start button and set it for 20 minutes - pressure cooking will start after 20 minutes from now. You can soak the rice for 20 minutes after washing it as well.
After 6-8 minutes, let the pressure release by carefully pressing/opening the top valve.
Once the pressure is released, fluff the rice with a fork, and serve hot.