Dice the bell peppers, and onions. Chop the cilantro and basil leaves. I have kept the basil leaves whole in this recipe, you can either chop them or keep them whole. Dice the baby carrots into 1 inch pieces.
Slit the serrano pepper into two halves lengthwise.
Dice the chicken into 2 inch pieces.
Select sauté on the instant pot and adjust to normal.
Add oil to the pot. When the oil is hot, add onions, chicken, and ginger garlic paste.
Sauté and stir for 2 minutes until the chicken is no longer pink.
Stir in red curry paste and let it sauté for about a minute.
Stir in coconut milk and let it thicken will take about 2 to 3 minutes. Keep stirring.
Secure the lid on the pot. Select manual and cook at high pressure for 5 minutes. When cooking is complete, use quick pressure release to depressurize.
Stir in the fish sauce, lime juice, brown sugar, bell pepper, carrots, serrano pepper, basil leaves, and cilantro.
Select sauté and let the curry thicken slightly. Should take about 2 to 3 minutes. Season with salt and pepper. Press cancel. Transfer in a serving bowl.
Serve hot over Jasmine rice.
On a scale of 1 to 5, I would place this dish at a level of 2.5 in terms of spice levels, if cooked as is with 1 Serrano pepper. If you like more heat, feel free to add an additional Serrano pepper.