Select sauté on the instant pot and adjust to normal.
Add oil to the pot.
When oil is hot (in about 30 seconds), add cumin seeds.
When the cumin seeds splutter, add asafoetida, whole dried red chili peppers, and stir.
Add ground turmeric and stir.
Then add red chili powder and water. Stir.
Let the red chili powder give out some color for about 30 seconds.
Then, add amchur powder, coriander, and salt.
Add the potatoes and stir well so that the spices are mixed well with the potatoes. Make sure nothing is stuck to the bottom of the pot and scrape the bottom of the pot well.
Close the lid with the pressure-release valve sealed.
Select manual and cook at high pressure for 6 minutes.
When cooking is complete, use quick pressure release to depressurize. To remove the excess water, select sauté and dry the water. This should take about to 3 to 4 minutes. Stir gently. Do not stir too hard or the potatoes will break.
Transfer right away in a serving bowl and garnish with cilantro.