Press SAUTE mode on Instant Pot. Add oil and once it's hot add Bay leaf, Cinnamon stick, Cardamom, Cloves, Curry Leaves, Cumin. Fry for 30 secs(till aromatic).
Then add green chillies, ginger-garlic paste and saute for another minute until 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.
Add rinsed Basmati Rice, water, salt and give a stir .
Close the lid on the pot and turn pressure valve to SEALING position.
Set the pot to MANUAL/PRESSURE COOK (High Pressure) and set timer to 5 minutes
Wait for natural pressure release (NPR) for 10 minutes
Remove lid away from you, garnish with Cilantro and lime juice
Beetroot Rice is ready. Serve with Raita or yogurt