Turn on the Sauté mode on the instant pot and wait until it displays 'HOT'.
Now add 2 tablespoons of ghee and add ¼ cup of sliced almonds to the ghee. Sauté them for few seconds until the almonds are slightly turning golden and add 2 to 3 tablespoons of golden raisins and sauté until the raisins are puffed up.
Now add ¾ cup of rice and sauté for just 30 seconds to a minute. ( DO NOT WASH THE RICE as the starch helps in making the rice pudding much more creamier ).
Then add 5 cups of milk, 1 cup sugar, 1 teaspoon of ground cardamom powder, few saffron strands ( around ¼ teaspoon ), stir well and close the lid of the instant pot. Press cancel to turn off the sauté mode.
Move the vent to 'SEAL' position, press the porridge button to cook on porridge mode for 20 mins on high pressure. It takes around 10 mins for the instant pot to build pressure and start cooking ( i.e. when it starts counting down ) and 20 mins to cook as we selected.
When it turns OFF after around 30 mins, wait for at least 15 mins for natural release of pressure and then turn the vent to 'VENT' position to release the rest of the pressure manually ( Always stay away from the pressure release valve when releasing the pressure to avoid steam burns ).
Open the lid when all the pressure is released and the pin is dropped indicating it is safe to open. If you prefer, you can thicken it a little more for couple mins by turning on the SAUTE mode. But remember that rice kheer always thickens as it cools down. I didn't have to thicken it at all after opening.
Roast the cashew nuts in 1 teaspoon of ghee in a separate pan on stove top and add them on top of this rice payasam or paal payasam before serving. Wonderfully creamy and delicious Instant pot kheer is ready to be served. Serve it warm or chilled.