Switch on the instant pot and turn on saute mode ,once it turns 'HOT' add ghee ,cumin seeds,bay leaf,green chilli,cloves and cardamom.
Add basmati rice and saute for a minute and add 1.25 cups of water for 1 cup of rice,add salt and mix it well and close the lid.
Set manual/pressure cook to 3 minutes and do a QR(Quick Release).Your perfect rice is ready to serve.
I washed basmati rice in running water once and soaked it for 10-12 minutes maximum.Please dont soak the rice more than this time if you want it to be fluffy.