Wash and soak the rice for 15 minutes. After 15 minutes, drain the rice and keep it aside.
Cut the Paneer into cubes. Add salt, Kashmiri chili powder and turmeric powder. Mix well and keep it aside.
Set the Instant Pot to Sauté mode and add 2 tablespoon of ghee. Once the ghee melts, add the paneer cubes, saute till golden brown and keep it aside. Next, add the cashews, saute till golden brown and keep it along with the roasted paneer.
Again, add 1 tablespoon Ghee to the pot. Once the ghee melts, add the whole spices. Saute for a minute.
Add thinly sliced onion, and green chilli. Saute till onions slightly change in colour.
Add ginger garlic paste and saute till the raw smell goes. To this, add frozen green peas.
Add salt, garam masala and red chilli powder. Mix everything well.
Now add water, and drained rice. Mix once. Add salt if needed.
Close the Instant Pot with the lid. Pressure cook for 6 minutes. Make sure the pressure valve is in the sealing position.
Let the pressure release naturally for 10 minutes. After 10 minutes, release the remaining pressure manually.
Add the fried paneer cubes, cashews, finely chopped coriander leaves and lemon juice to the cooked rice in the Instant Pot.
Close the Instant Pot lid. Let it stay on Keep Warm mode for 5 minutes.
Open the lid, gently stir the Paneer Pulao without breaking the rice.
Serve hot with raita, side dish.