Press SAUTE on Instant Pot. Add oil and once it's hot add bay leaf, cinnamon stick, cardamom, cloves, curry leaves, cumin. Saute for 30 secs (till aromatic).
Then add green chilies, ginger-garlic paste, and saute for another minute until the raw smell goes away.
Then add sliced onions, Saute for 2-3 minutes until translucent - stir regularly.
Add green peas, grated beetroot, and cook for another 2 minutes.
Add turmeric powder, coriander powder, biryani powder, or garam masala, and mix well.
Then add rinsed basmati rice, water, salt, and give a stir.
Close the Instant Pot with pressure valve to Sealing. Cook on High Pressure for 5 minutes.
Once the pot beeps, Wait for natural pressure release (NPR) for 10 minutes.
Remove lid away from you, garnish with Cilantro and lime juice
Beetroot Rice/Pulao in Instant pot pressure cooker is ready. Serve with Raita or yogurt.