Select sauté on the instant pot. Add ghee to the pot.
Add the whole spices, listed under whole spices(bay leaf, whole black peppercorns, cinnamon stick, cumin seeds, black cardamom pod, green cardamom pods, cloves, star anise, and mace).
When the cumin seeds change color, in about a minute, add in the cashew nuts.
Let the cashew nuts sauté for 2 until they change color slightly. Further add in the onions and sauté them until they turn translucent. For about 3 to 4 minutes. Keep stirring intermittently.
Add in the ginger garlic paste and serrano peppers. Sauté for about a minute.
Next add in rice, water, and salt. Stir well.
Press cancel. Furthermore, close the lid and select manual for 4 minutes. Let the pressure release naturally for 5 minutes and then quick release the pressure. Finally open the lid, fluff the rice with a fork, and transfer to a serving bowl. Garnish with cilantro leaves.