Press Saute on Instant Pot. Add ghee or oil and once it's hot add cumin/jeera seeds, bay leaf, cinnamon sticks, cardamom, and cloves. Saute for 30 secs (till aromatic).
Then add green chilies. Saute for another 30 secs.
Add 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, Do a Quick Pressure Release (QR) Manually.
Lastly, remove the lid away from you, garnish with fresh cilantro/coriander leaves.
Jeera Rice is ready.