Rinse rice in plenty of water 4-5 times. Soak for 15 minutes and then drain for 15 minutes.
Turn on the Instant Pot in sauté mode
Add ghee and let it melt.
Add whole spices - cloves, cardamom, and cinnamon. Fry for a few seconds until aromatic.
Add cashew nuts, raisins, cumin seeds, and peppercorns. Fry for a minute or two until aromatic.
Add drained rice and fry for a minute.
Add 1 ½ cups of water and salt. Mix well.
Press the Cancel button on the Instant Pot.
Cover and lock the lid into position. Set the Pressure Release to SEALING.
Pressure cook (OR MANUAL mode in some models) on HIGH for 5 minutes. [It will take approximately 8-10 minutes for it to reach full pressure.] Release the pressure naturally for 10 minutes. Then do a quick release to let go of any remaining pressure.
Open the lid.
Fluff gently with a fork. Transfer to serving dish.
Serve hot garnished with cashew nuts and raisins.