Select sauté on the instant pot and adjust to normal.
Add oil or ghee to the pot.
When the pot is hot add the mustard seeds, black gram lentil (urad dal), and split chickpeas (chana dal).
When the mustard seeds splutter add the curry leaves, asafoetida, ginger, cashew nuts, whole dried red chili peppers, and Serrano peppers. Stir and sauté for 30 seconds. Make sure nothing is stuck to the bottom of the pot and scrape the bottom of the pot well.
Add the rice and water and stir well.
Add ground turmeric, salt, and lemon juice. Mix
Secure the lid on the pot and close the pressure-release valve.
Select manual and cook at high pressure for 6 minutes.
When cooking is complete, let the pressure naturally for 9 minutes.
Then use quick pressure release to depressurize.
Open the lid.
Transfer the rice in a serving bowl.
Add roasted peanuts, cilantro and additional lemon juice (this is optional if you like your food extra tangy). Gently use a spoon to fluff the rice.