Select sauté on the instant pot and adjust to normal.
Add oil to the pot.
When the oil is hot add, asafoetida.
Then add the finely chopped spinach. Stir and let the spinach sauté until it shrivels for roughly 2 minutes.
Then add salt, Kashmiri chili powder, ground cumin, and water. Sauté for about one minute and stir well.
Add the frozen lotus root. Stir well.
Scrape off the sides and bottom to make sure nothing is stuck on the sides or bottom.
Secure the lid on the pot and close the pressure-release valve.
Select manual and cook at high pressure for 2 minutes.
When cooking is complete, use quick release to depressurize. Open the lid.
Transfer the cooked spinach and lotus root to a serving bowl.