Wash, rinse and soak rice in water for 20 minutes. Drain the rice and keep aside.
Soak saffron in milk and set aside for garnishing
Turn Instant Pot to Saute(more) mode. Add 1 tablespoon of ghee and cashews. Cook the cashews for a minute or until they turn golden brown, stirring constantly. Take the cashews out and keep aside for garnishing in the end.
Add remaining ghee to the pot. Add cardamom pods and cloves. Cook for 10-15 seconds as the release the aromas. Add drained rice and toast gently for a minute stirring constantly.
Add 1-1/2 cups of water and salt. Mix well. Make sure all the rice is submerged under water. Close Instant Pot with the pressure valve to sealing. Cook on Manual(Hi) for 6 minutes followed by 5-minute Natural Pressure Release.
Open Instant pot. Add coconut, sugar, raisins and cardamom powder. Mix well.
Set Instant Pot to Saute(less) mode. Cook with a glass lid on for 5 mins.