Wash and soak the basmati rice for 30 minutes.
Place the inner pot inside the Instant Pot.
Switch on the sauté mode. Once the inner pot is hot. Add ghee.
Now add cashew nuts, raisins and saute them until they turn into golden colour. Once they golden take them into a bowl and keep them aside.
Drain the water from the rice and add to the pot and sauté for few minutes or until the rice is nicely coated with ghee. Add water, milk and sugar. Mix well.
Now cancel the saute mode. Close the lid and keep the valve in sealing mode. Select the porridge mode. Once the cooking is done, allow the pressure to release naturally.
Open the lid and switch on the saute mode. Add one more cup of milk and mix well. Add cardamom powder and roasted nuts and give a quick mix.
Finally add saffron strands and mix well. Cancel the sauté mode and enjoy the rice kheer warm or cold.