Wash the rice, until water runs clear. Now soak the rice for 10 minutes. Meanwhile prep the veggies, and set them aside.
Press Sauté Button, and press ON.
Once it displays Hot, add oil and let it heat up.
Now add dried red chili, bay leaves, cinnamon stick, cloves, mace, black peppercorns, black cardamom, green cardamoms, and cumin seeds.
Let the cumin seeds crackle, and add asafetida. Now add finely chopped onions, minced ginger, minced garlic and slit green chili.
Once the onions soften, add tomatoes, kashmiri red chili powder, turmeric, coriander powder and salt. Mix everything well.
Then add the potatoes and peas. Mix again.
Now drain the rice, and add rice to the instant pot, give it a good mix.
Now add 2 cups of water.
Close the Instant Pot lid, and make sure its pressure valve is secured in sealing position.
Press Cancel.
Now press Pressure Cook. Manually set the timer for 5 minutes.
Do a quick pressure release after 5 minutes of cooling down.
Fluff the rice using a fork.
Serve hot with yogurt, or raita, pickle, and salad.