Select sauté on the Instant Pot and adjust to normal. Next, add oil.
When the oil is hot add in cumin seeds.
When the cumin seeds splutter add in the potatoes, ginger paste and chopped serrano peppers. Sauté the potatoes for about 5 minutes until they are partially cooked. Moreover, keep stirring to prevent them from sticking to the pot.
Then, add in salt, sugar, ground spices. Stir well. Then add in 1/4 cup water and mix well. Press cancel. (If your pot tends to gives the burn notice then add 1/2 cup water instead).
Make sure nothing is stuck to the bottom of the pot. Secure the lid on the pot and select manual/high pressure for 4 minutes. When done quick release the pressure. If there is extra liquid select saute and let it evaporate. Should take a minute.
Transfer to a serving bowl and garnish with cilantro.