Rinse the rice and soak it in 3 cups water for 30 Minutes. When ready to cook, drain and discard the water that was used to soak the rice.
Soak the saffron strands in 1 tbsp milk for 10 Minutes.
Select Sauté on the instant pot. Add ghee to the pot. Next, add cumin seeds, black cardamom pods, green cardamom pods, cloves, cinnamon stick, and bay leaf. When the cumin seeds splutter, add in rice and green peas. Stir well.
Add in ground turmeric, ground fennel, ground ginger, salt, 1 ¾ cups water, and milk with saffron strands. Stir well. Press Cancel. Furthermore, close the lid and select Manual for 6 Minutes.
Let the pressure release naturally for 8 Minutes and then quick release the pressure. Finally open the lid, fluff the rice with a fork, and transfer to a serving bowl.